U.S. Government Sells Final GM Shares

By: Associated Press
By: Associated Press
FILE - In this Dec. 12, 2008 file photo, the General Motors logo is seen outside the GM headquarters in downtown Detroit. General Motors Corp. has agreed to take on responsibility for future product liability claims, according to documents filed in federal bankruptcy court in New York on Friday June 26, 2009. The new company will now assume responsibility for future claims involving vehicles made by the old company. (AP Photo/Carlos Osorio, File)

FILE - In this Dec. 12, 2008 file photo, the General Motors logo is seen outside the GM headquarters in downtown Detroit. General Motors Corp. has agreed to take on responsibility for future product liability claims, according to documents filed in federal bankruptcy court in New York on Friday June 26, 2009. The new company will now assume responsibility for future claims involving vehicles made by the old company. (AP Photo/Carlos Osorio, File)

The U.S. government no longer owns part of General Motors.

Treasury Secretary Jacob Lew says the government sold its remaining shares in the automaker on Tuesday.

The government lost $10.5 billion on its bailout of GM. But Lew says the rescue was necessary to save 1 million jobs and stop the American auto industry from collapsing.

The government got 912 million GM shares, or 60.8 percent of the company, in exchange for a $49.5 billion bailout during the financial crisis in 2008 and 2009. It recovered $39 billion of the money.


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