Government sells another $811 million in GM stock
DETROIT (AP) - The government is getting closer to selling all of its General Motors Co. stock.
The Treasury Department said in its August report to Congress that it sold $811 million worth of GM common stock last month.
The report dated Tuesday says the government has recovered about $35.4 billion of the $49.5 billion bailout it gave the Detroit automaker. That means taxpayers are still $14.1 billion in the hole.
When the government finally sells all of its shares, it will end a sad chapter in GM's history. The company nearly ran out of cash in 2008 and needed government money to survive a trip through bankruptcy reorganization. Since then GM has posted 14 straight profitable quarters