WASHINGTON, Dec. 9 (Xinhua) -- The U.S. Department of the Treasury said Monday that it has sold all remaining shares of General Motors (GM) as it continues to wind down the Troubled Asset Relief Program (TARP).
The Treasury has thus sold out all the GM stocks acquired during the government's bailout of the U.S. troubled auto makers.
The Treasury has recouped a total of 39 billion U.S. dollars from the GM investment, compared with about 50 billion dollars it spent in bailing out the automaker through the TARP.
"With the final sale of GM stock, this important chapter in our nation's history is now closed," said Treasury Secretary Jacob Lew.
"Less than five years later, each of the Big Three automakers is now strong enough to stand on its own. They're profitable for the first time in nearly a decade," said U.S. President Barack Obama in a statement, touting the turnaround of the auto industry under the bailout of the federal government.
"Today that bet has paid off. The American auto industry is back," he added.
At the height of the 2008 financial crisis, the U.S. government rolled out the controversial TARP, a bailout plan to aid the nation's financial companies and auto giants.
Earlier this year, the Treasury launched the effort to sell its remaining shares in GM common stock. It said in late November that it would sell last shares in GM and expect to complete the sale by the end of 2013.
U.S. Treasury expects to exit GM bailout by year end
WASHINGTON, Nov. 21 (Xinhua) -- U.S. Treasury Department Thursday said that it expected to fully exit the bailout program for auto giant General Motors (GM) by the end of the year, part of its continuing efforts to wind down the Troubled Asset Relief Program (TARP).Full Story