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U.S. Treasury plans liquidation of General Motors stock

Vehicles enter and exit the downtown on the freeway, in front of General Motors World Headquarters in downtown Detroit, Michigan July 20, 20
Vehicles enter and exit the downtown on the freeway, in front of General Motors World Headquarters in downtown Detroit, Michigan July 20, 20

WASHINGTON, D.C. (WKZO) -- Officials with the U.S. Treasury Department say the government plans to sell the remaining shares of General Motors stock by the end of the year.

The liquidation of the stock will be completely "subject to market conditions" according Treasury officials.  Deputy Assistant Secretary of the Treasury Tim Bowler said the decision to invest in the auto industry saved millions of jobs which would have cost the country substantially more than the bailout.

The U.S. Treasury has made 38.4-billion dollars in selling GM stock meaning the bailout cost taxpayers approximately ten-billion dollars.

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