Federal Government Sells Remaining Stake in GM - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Federal Government Sells Remaining Stake in GM

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The U.S. government no longer owns part of General Motors.
 
Treasury Secretary Jacob Lew says the government has sold its remaining shares in the automaker.
 
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.   (AP) 

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