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Government sells another $811 million in GM stock

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Steve Carmody/Michigan Radio
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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

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