FINANCIAL TIMES: The US government on Monday drew a line under one of the most complex rescues of the global financial crisis, when it announced it had sold the last of its stake in General Motors, the country’s biggest carmaker by sales.
The Treasury lost around $11bn on the rescue, recouping $39bn of the $50bn it disbursed to the carmaker as sales collapsed in 2008 and the company went through a managed bankruptcy in 2009.
However, a report on Monday from Michigan University’s Centre for Automotive Research said the rescue had saved 1.2m jobs and – besides the $39bn recouped in share sales – in 2009 and 2010 alone preserved $39.4bn of government revenue… (more)
