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| US government lost around $10bn on GM bailout | US government lost around $10bn on GM bailout |
| (35 minutes later) | |
| The US government has sold its remaining shares in General Motors, leaving it with a loss of around $10bn (£6bn) on the bailout of the car maker. | The US government has sold its remaining shares in General Motors, leaving it with a loss of around $10bn (£6bn) on the bailout of the car maker. |
| The US Treasury spent $49.5bn bailing out GM in 2008 and 2009, and took a 61% stake in the car maker. | The US Treasury spent $49.5bn bailing out GM in 2008 and 2009, and took a 61% stake in the car maker. |
| Treasury Secretary Jack Lew said the move prevented the collapse of the US auto industry and saved a million jobs. | Treasury Secretary Jack Lew said the move prevented the collapse of the US auto industry and saved a million jobs. |
| "With the final sale of GM stock, this important chapter in our nation's history is now closed," he said. | "With the final sale of GM stock, this important chapter in our nation's history is now closed," he said. |
| GM filed for bankruptcy protection in June 2009, making it the biggest failure of an industrial company in US history. | |
| The reorganisation saw it slash 13 car plants and 27,000 employees in the US. | |
| Since emerging from bankruptcy, GM has reported 15 profitable quarters, has almost $27bn in cash and is considering rewarding shareholders with a dividend payment. | |
| The government began selling its shares in GM in November 2010 and last month said it expected to sell its remaining shares by the end of the year. |