U.S. exits GM stake in $10 billon loss for taxpayers

The U.S. government sold its last shares of automaker General Motors Co (GM) on Monday, marking an end to a historic bailout of one of America’s most storied companies. “This important chapter in our nation’s history is now closed,” Treasury Secretary Jack Lew said. The government took a loss of more than $1 billion on its investments in Detroit automaker Chrysler, while taxpayers remain intertwined with GM’s former lending arm, Ally Financial Inc (NYS:ALLY PR B). “When things looked darkest for our most iconic industry, we bet on what was true: the ingenuity and resilience of the proud, hardworking men and women who make this country strong,” President Barack Obama said.


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