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FILE - In this Thursday, Jan. 10, 2013 file photo, the logo for General Motors decorates the entrance to a former UPS facility as GM announced plans to open an information technology center in the building, in Roswell, Ga. The U.S. government ended up losing 0.5 billion on its bailout of General Motors, but still says Monday, Dec. 9, 2013 that the alternative would have been much worse. (AP Photo/David Goldman, File)

Government sells remaining stake in General Motors, loses $10.5 billion on company bailout

DETROIT – The U.S. government no longer owns part of General Motors.

Treasury Secretary Jacob Lew says the government sold its remaining shares in the automaker on Tuesday.

The government lost $10.5 billion on its bailout of GM. But Lew says the rescue was necessary to save 1 million jobs and stop the American auto industry from collapsing.

The government got 912 million GM shares, or 60.8 per cent of the company, in exchange for a $49.5 billion bailout during the financial crisis in 2008 and 2009. It recovered $39 billion of the money.

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