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End of government ownership of General Motors looms


The General Motors world headquarters is seen in downtown Detroit, Michigan in this May 31, 2009 file photo. REUTERS/Rebecca Cook
The General Motors world headquarters is seen in downtown Detroit, Michigan in this May 31, 2009 file photo. REUTERS/Rebecca Cook

DETROIT (WKZO) -- The federal government is nearly out of the car business.

A monthly report issued this week to Congress from the U.S. Treasury shows the government sold more than 30-million shares of General Motors in October for 1.2-billion dollars and now holds about three-percent of the total shares in the company.  At one point, Treasury owned 61-percent of GM through the auto bailout.

The government has recovered just over 37-billion dollars of the 49.5-billion invested in the bailout of GM as of the end of October.

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