When the US government bailed out GM In 2008 they handed over $49.5 billion in return for 912 million shares of stock.
Today, Treasury Secretary Jacob Lew announced the US has now sold all that stock and recovered $39 million. Simple math tells you we all took a $10.5 billion bath on that one.
But Lew told reporters not buying the stock would have been a catastrophic decision. "The economic stakes were high, and President Obama understood that inaction was not an option," Lew told Kentucky.com.
Lew claims the bailout saved jobs and prevented the auto industry from collapsing.
Shares of GM reacted well, gaining 1.2% after the announcement was made.
General Motor's North American president Mark Reuss told reporters having the government all the way out was a good thing.
Reuss expects stronger sales in all areas but has particular hope that trucks will surge and add to the bottom line.
After the bankruptcy GM has strung together 15 straight quarters in the black and put nearly $9 billion back into facilities in the US.
The company has also added nearly 3,000 US workers.