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Taxpayers must pay the freight for over-budget train projects
Topic - Dan Ammann
General Motors' board has named product development chief Mary Barra as the company's next CEO, a person briefed on the matter says.
The Treasury plans to sell its remaining stake in General Motors over the next 15 months, allowing the automaker to shed the stigma of being partly owned by the U.S. government.
General Motors says it has received $11 billion in credit lines from 35 financial institutions in 14 countries.
General Motors is boosting its cash with $11 billion in new credit lines, a move that could mean the automaker is preparing to buy back its shares from the federal government dating back to the 2009 bailout.
After years of big discounts, GM is charging customers more for its cars and trucks, and it's helping the bottom line.
General Motors Co. reported its highest quarterly profit in more than a decade, helped by demand for fuel-efficient cars and a big gain from selling its stake in its former auto parts business.
General Motors' finance chief is leaving after being passed over for chief executive officer.
"It's obviously good for the business in terms of continuing to remove the perception of government involvement in the company, which is going to be good for sales," GM Chief Financial Officer Dan Ammann told reporters in Detroit, according to the Reuters news agency.
Although GM is paying a premium for the government shares, Ammann said it's still a good deal for GM shareholders.