General Motors buys back some stocks
DETROIT (WTVR) — The Federal Government is getting out of the automobile business, at least when it comes to General Motors.
GM will spend some $5.5 billion to buy back 200 million shares of its own stock from the US Treasury.
And the Feds will sell the remaining 300 million shares on the open market next year.
The government became a part owner of GM about four years ago, when a $50 million bailout kept the company from going under.
GM’s chief financial officer says he believes car and truck sales should go up once the Feds are out.