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"President Barack Obama on Thursday celebrated the return of a reborn General Motors to the U.S. stock market, saying it shows some of the "tough decisions that we made" during the financial crisis were beginning to pay off.
"American taxpayers are now positioned to recover more than my administration invested in GM, and that's a good thing," Obama said.
The government's $50 billion taxpayer-backed rescue of the venerable automaker includes more than $36 billion injected by the Obama administration and more than $13 billion approved by Obama's predecessor, President George W. Bush.
Trading the new stock is a milestone for both the corporation and for the Obama administration.
The stock rose sharply at first, rising to nearly $36 per share from the $33 price GM set for the initial public offering before pulling back and closing at $34.19.
The trading — more than 400 million GM shares traded hands during its debut on the Big Board — helped reduce the federal government's stake in the company from 61 percent to about 36 percent."
Full article here.
"American taxpayers are now positioned to recover more than my administration invested in GM, and that's a good thing," Obama said.
The government's $50 billion taxpayer-backed rescue of the venerable automaker includes more than $36 billion injected by the Obama administration and more than $13 billion approved by Obama's predecessor, President George W. Bush.
Trading the new stock is a milestone for both the corporation and for the Obama administration.
The stock rose sharply at first, rising to nearly $36 per share from the $33 price GM set for the initial public offering before pulling back and closing at $34.19.
The trading — more than 400 million GM shares traded hands during its debut on the Big Board — helped reduce the federal government's stake in the company from 61 percent to about 36 percent."
Full article here.