WASHINGTON (AP) - President Barack Obama says the early success
of General Motors' initial public stock offering validates his
administration's $50 billion taxpayer-backed rescue of the
venerable automaker.
The company's stock began trading on Wall Street Thursday. The
sale is a milestone for both the corporation and for the Obama
administration.
Because of the public offering, the government reduced its
ownership stake in GM from 61 percent to about 36 percent.
Obama says there were many "doubters and naysayers" when his
administration stepped in to help GM. He said the tough decisions
his administration made are paying off.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Copyright NECNMIGR - NECN
