GM will no longer be known as Government Motors. The U.S. Treasury Department announced today that it has sold off its last remaining shares of General Motors. This comes nearly five years after the first round of auto bailouts were approved by George W. Bush. Funny how those critical of Obama ignore that fact, huh?
In both rounds of bailouts—the second of which was approved by Obama—the U.S. spent about $50 billion to prevent GM from being wiped off the face of the Earth. Of that money, about $39 billion has been recouped now that the shares have been sold. However, this was just one of many bailouts funded by the U.S.. In total, the government spent $422 billion and recouped $433 billion. Maybe people will stop giving Barack a hard time about the bailout now (and maybe Complex Rides bought the remaining GM shares).
[via New York Times]