Question: How General Motors Was Really Saved?

Did GM stock become worthless?

The old GM stock stopped trading on the New York Stock Exchange on June 1, 2009, the day that GM filed for bankruptcy.

Each share of GM stock became a share in Motors Liquidation.

While it was widely reported that the shares were worthless, those shares still traded, then and now, over the counter..

Does the US government still own GM stock?

U.S. taxpayers no longer own any of automaker General Motors. The Treasury sold the last of its remaining 31.1 million GM shares today. It started with 500 million shares in 2010. The taxpayer loss on the GM bailout is $10.5 billion.

What did the GM bailout cost taxpayers?

General Motors Bailout Cost Taxpayers $11.2 Billion U.S. taxpayers lost more than $11.2 billion as a result of the federal bailout of General Motors, according to a government report released Wednesday.

Why did GM get bailed out?

The main purpose of the bailout was to save jobs at GM. … Since they had U.S. plants, they would have increased jobs for Americans once the recession was over. The loss of GM would be like the loss of Pan Am, TWA, and other companies that had a strong American heritage but lost their competitiveness.

What happened to GM?

June 1, 2009 – GM files for bankruptcy. … After bankruptcy, the company will be 60.8% owned by the US government, 11.7% by the Canadian government, 17.5% by the UAW union and unsecured bondholders will have a 10% share. July 10, 2009 – General Motors emerges from bankruptcy after 39 days.

What happened to GM bond holders?

DETROIT — General Motors gm has struck a deal with 20% of its bondholders to swap shares in a newly formed automaker once the company emerges from bankruptcy, the company said in a filing with the Securities and Exchange Commission on Thursday.

Is GM owned by China?

SAIC General Motors Corporation Limited (More commonly known as SAIC-GM; Chinese: 上汽通用汽车; formerly known as “Shanghai General Motors Company Ltd”, “Shanghai GM”; Chinese: 上海通用汽车) is a joint venture between General Motors Company and SAIC Motor that manufactures and sells Chevrolet, Buick, and Cadillac brand automobiles …

Who is the CEO of GM?

Mary Barra (Jan 15, 2014–)General Motors/CEO

Did the US government make money on GM bailout?

WASHINGTON (Reuters) – The U.S. government lost $11.2 billion on its bailout of General Motors Co GM. … “The goal of Treasury’s investment in GM was never to make a profit, but to help save the American auto industry, and by any measure that effort was successful,” Treasury Department spokesman Adam Hodge said.

Did GM go out of business?

General Motors filed for bankruptcy early Monday, marking the end of an era for GM, as the troubled automaker now represents the largest bankruptcy in history. … GM will shed its Pontiac, Saturn, Hummer and Saab brands and cut off more than 2,000 of its 6,000 U.S. dealerships by next year.

Did GM shareholders lose everything?

DETROIT (Reuters) – General Motors Corp on Tuesday detailed plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the U.S. government, bondholders and the United Auto Workers union.

Who owns General Motors now?

Today, the top three individual GM shareholders are Mary Barra, Mark Reuss and Dan Ammann. Since, being top shareholders, these individuals “own” significant chunks of the company, let’s look at them each in-depth. It may seem like a weird question, but did you ever wonder: How big is General Motors?

Was TARP a success?

When TARP was launched in 2008, many doubted this type of success story would ever come to fruition. … However, thanks to the economic recovery and the hard work of the team managing the investments made in 2008 and 2009, the bank investment programs under TARP have been an economic success for the taxpayer.

Who got bailed out in 2008?

DateFinancial InstitutionAmount10/28/2008Bank of America Corp.1$15,000,000,00010/28/2008JPMorgan Chase & Co.$25,000,000,00010/28/2008Citigroup Inc.$25,000,000,00010/28/2008Morgan Stanley$10,000,000,00092 more rows