1 year, 3 months ago From latimes.com
From From latimes.com:
The federal government on Monday sold its remaining shares of General Motors Co. stock, ending the controversial $49.5-billion bailout of the automaker with an approximately $10.5-billion loss for taxpayers.
"This marks one of the final chapters in the administration's efforts to protect the broader economy by providing support to the automobile industry," Treasury Secretary Jacob J. Lew said.
Obama tied the additional money to requirements that GM and Chrysler go through government-led bankruptcy restructurings that left taxpayers owning parts of both companies.
In 2011, Treasury closed the books on its $12.5-billion bailout of Chrysler and took about a $1.3-billion loss.