In a story that hasn’t had much attention, after having replaced the leadership of the Company and put it on a track to increase production of electric cars, according to CSM news, the Obama administration will be selling its final shares of General Motors stock:
The Treasury Department is finally getting out of the automotive business, five years after interceding to rescue the US industry from apparent annihilation at the onset of the Great Recession. On Thursday, it announced it sold 70.2 million shares of General Motors (GM) stock and intends to sell its remaining 31.1 million shares by Dec. 31.
Just so you don’t worry, the Taxpayers have lost a little money.. well it’s little compared to the US debt:
Once the final sale is complete, however, US taxpayers will have lost nearly $10 billion of the $49.5 billion the federal government used to prevent the auto giant from collapsing in 2008, Treasury officials say.
Even though the Obama administration is selling its final shares, it is comforting to know (If you’re a Commie) that the President has made sure to install people in the upper echelon of GM who will continue on with his vision of electric cars..and a greener and more Marxist Nation.. isn’t it?