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Government Getting Out of the Car Business

Government Getting Out of the Car Business
Posted September 27th, 2013 @ 4:22am by Michigan Radio Network

The U.S. Treasury is selling off the final shares of stock in General Motors. The sale of over 101 million shares began Thursday.

The U.S. government and taxpayers received over 912 million shares of the automaker in exchange for a $49.5 billion bailout in 2008.

The remaining shares of the automaker have an estimated value of $3.7 billion.

The Treasury has picked up the sale of GM stock since the first of the year and currently owns just seven percent of the company that was dubbed "Government Motors" after the bailout.

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