U.S. Says GM Buys Back Preferred Shares
WASHINGTON — The U.S. Treasury said Wednesday that General Motors Co. had completed the repurchase of preferred stock issued to the government as part of the car maker's U.S. bailout last year.
In late October, the Obama administration announced that GM would buy back $2.1 billion in preferred stock held by the Treasury, reported The Wall Street Journal.
The stock had been issued under the Troubled Asset Relief Program, which was created in 2008 to support companies stung by the financial crisis.
In its release announcing the completion of the repurchase, the Treasury said the total amount of funds taxpayers have received in return for their investment in GM exceeds $23 billion, including proceeds of the company's initial public stock offering last month.
The Treasury said it invested $49.5 billion in GM. Its remaining stake in the auto maker consists of 500 million shares of common stock.
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