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Treasury Plans To Liquidate GM Stock

Treasury Plans To Liquidate GM Stock

(Washington, DC) -- The U.S. Treasury plans to sell the remaining shares of General Motors stock by the end of the year.

The government bought up GM stock to keep the automaker from going under during the financial recession. Treasury Spokesman Tim Bowler said the decision to invest in the auto industry saved millions of jobs, which would have cost the country substantially more than the bailout.

The U.S. Treasury has made 38-point-four billion dollars in selling GM stock. The bailout cost taxpayers approximately ten-billion-dollars.

 

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