|By TOM KRISHER and MARTIN CRUTSINGER, AP Business Writers|
Taxpayers are sure to lose billions of dollars in the deal, even though GM has bounced back from the darkest days of 2008, when it almost ran out of cash.
The company has racked
"This is very attractive to the company and to our shareholders," GM Chief Financial Officer
When the government sells its last GM shares, the
"There should be no expectation about getting back the taxpayers' money," said
Under the deal, GM will spend
That will leave the government with 300 million shares, or a 19 percent stake, which it plans to sell during the next 12 to 15 months. GM will fund the deal from its cash balance, which at the end of September was close to
"The auto industry rescue helped save more than a million jobs during a severe economic crisis," said
Treasury officials declined to answer questions from The Associated Press about why the government is selling now.
The government clearly waited until after the presidential election to unload the stake and close the bailout, which was a contested issue in the campaign between President
GM shares sold for