1953: GM President Charles Erwin Wilson tells the Senate Armed Services Committee “for years I thought what was good for the country was good for General Motors and vice versa.”
2009: The United States Government takes 60 percent ownership of General Motors, 912 million shares.
2012: GM buys back 200 million shares of its own stock from the government for $5.5 billion; company execs are now allowed to use corporate jets again.
June 2013: The U.S. Treasury sells off 30 million shares in GM.
December 2013: The Federal government sells off its remaining shares in General Motors, leaving taxpayers with a net $10.5 billion loss on the total $49.5 billion bailout. The Canadian government still owns $4.2 billion in GM preferred shares and the United Auto Workers union owns $5.4 billion in GM stock.
Related:
“With The Government Gone, GM Can Now Start Paying Its Execs Big Bucks,” Aaron Foley, Jalopnik
“New study estimates the effect on the U.S. economy of successful restructuring of General Motors” (press release), Center for Automotive Research
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