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By Tammy Bruce
Topic - General Motors Chapter 11 Reorganization
Say goodbye to "Government Motors." The Obama administration announced Monday the Treasury Department has sold its remaining shares in General Motors at more than a $10 billion loss for taxpayers, about five years after providing the country's top automaker with a $49.5 billion bailout in exchange for a majority stake in the company that helped it earn the nickname "Government Motors."
The U.S. government is taking advantage of General Motors' return to the S&P 500 index and recent rising stock prices to sell off another 30 million shares in the nation's No. 1 car manufacturer that it acquired in the auto bailout, the Obama administration announced Wednesday.
General Motors will no longer be "Government Motors." The Treasury Department on Wednesday announced its intention to liquidate federal holdings in the automobile company over the next 15 months. The final tally will show this policy has been a disaster for taxpayers.
General Motors moved Wednesday to shed its "Government Motors" nickname, buying back a chunk of its stock from the federal government as the Treasury Department announced plans to eliminate its losses in the company's stock by early 2014.
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.
We all know how the Obama administration likes to portray the auto bailout: A generous infusion of money enabled the government to save General Motors and Chrysler. Jobs that otherwise would have disappeared were rescued by this taxpayer-funded largesse.