GM CEO: Repayment of Bailout Could Take Years

By: Associated Press
By: Associated Press

DETROIT (AP) -- General Motors' new CEO says it's likely to take a couple of years for U.S. taxpayers to get their bailout money back.
Daniel Akerson, who took over as CEO on Sept. 1, told reporters in Detroit on Thursday that GM has a goal of repaying all the money, but it won't come in the company's first sale of stock to the public.
The initial public offering is expected to take place in mid-November. Akerson says he can't answer further questions about the IPO.
The U.S. government loaned GM $50 billion to keep it in business last year. The company later repaid $6.7 billion and the government currently owns a 61 percent stake.

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