GM Buys Back Stock from US

Topics:  General Motors

The U.S. Treasury Department says General Motors — the country's largest carmaker — has bought back all its preferred stock held by the government as part of a multi-billion dollar bailout.

The treasury says GM has now paid back U.S. taxpayers more than $23 billion.

Acting Assistant Treasury Secretary for Financial Stability, Tim Massad, said Wednesday that U.S. support for GM was essential in preventing a collapse of the U.S. auto industry. He said more than one million jobs were saved.

The Treasury Department lent bankrupt General Motors nearly $50 billion through its Troubled Asset Relief Program.

GM has since emerged from bankruptcy and is profitable again for the first time in six years.

The Treasury also bailed out Chrysler, the third largest U.S. car company, while number two Ford turned down the government's offer of help.