U.S. Sells Last Shares In GM, Exits Historic Rescue

@AFP

Washington (AFP) – The U.S. Treasury sold its last shares in General Motors on Monday, ending the dramatic rescue of the auto giant at the height of the financial crisis five years ago.

The Treasury took a loss of more that $10 billion on the $49.5 billion bailout, but said that saving the U.S. auto industry, the jobs of millions of auto workers and the pensions of many retirees was worth it.

The 2008 rescue, controversial at the time, “helped stabilize the auto industry, and prevent another Great Depression,” Treasury Secretary Jacob Lew said.

He said that President Barack Obama “understood that inaction could have cost the broader economy more than one million jobs, billions in lost personal savings, and significantly reduced economic production.

“As a result of his efforts, which built on those of the previous administration, more than 370,000 new auto jobs have been created, and all three US automakers are profitable, competitive, and growing,” he added.

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

On Trial For Campaign Crimes, Trump Is Drenched In Tabloid Sewage

National Enquirer covers smearing Hillary Clinton in 2016

Back in the antediluvian era of American politics, perpetrating dirty tricks was considered proof of bad character and potentially disqualifying for public office, depending on circumstances.

Keep reading...Show less
Oklahoma Official Wants Chaplains In Schools -- But Only 'Christian' Nationalists

Ryan Walters

Book-Banning 'Moms For Liberty' Remind Me Of 'Harper Valley PTA' (And '1984')

Visitors to Oklahoma’s State Schools Superintendent’s personal social media page will notice a post vowing to “ban Critical Race Theory, protect women’s sports, and fight for school choice,” a post linking to a Politico profile of him that reads, “Meet the state GOP official at the forefront of injecting religion into public schools,” a photo of him closely embracing a co-founder of the anti-government extremist group Moms for Liberty, and a video in which he declares, “Oklahoma is MAGA country.”

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}