The government of the U.S. has sold the last of its remaining GM shares, Bloomberg said citing the statement of Treasury Secretary Jacob Lew.
The overall loss on the GM bailout during the global financial crisis came in at about $11 billion. The government spent $51 billion on General Motors shares since the auto giant had filed for bankruptcy.
What was the exact stake owned by the U.S. authorities is not reported. In September 2013, the Treasury was said to own only 7.3% of General Motors from initial stake of 32%. In mid-November, it flogged shares worth $1.2 billion; however, the percentage volume was not specified.
General Motors filed for bankruptcy in 2009 because of the aftermath of the world financial turmoil that seriously affected the U.S. auto industry. In exchange for the company’s shares, the federal government provided it with a bailout loan. In late 2012, the Treasury set a target for entire holding sell-off.
