On Monday, the United States government’s 2009 bailout of General Motors officially came to an end. The government sold its final shares in the embattled automaker, which will leave taxpayers to cover the $10 billion shortcoming from the bailout.
Despite this, the bailout was still a net positive for GM. During the recession the company was drowning and left for dead, until the government came to the rescue with a promise of $49.5 billion. That allowed GM to gain a little bit of traction and to stay alive, even if they’re still quite a ways from where they ultimately wish to be.
In a statement, GM Chairman and CEO Dan Akerson said:
The U.S. Treasury’s ownership exit closes just one chapter in GM’s ongoing turnaround story. Our work continues uninterrupted, and we will keep our sights squarely on our customers and transforming the way we do business.
And so GM can finally begin to shed the mock label of “Government Motors,” and get back to supporting themselves. With the government’s help, GM is still alive, and they should be able to keep themselves afloat from here on out.
Photo Credit: General Motors