The White House said on Thursday it was confident the US government would recoup all the funds it had invested in General Motors to help the car maker through its financial troubles.
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Spokesman Robert Gibbs spoke a day after GM finalised terms for a stock offering of about US$13bn to repay a controversial taxpayer-funded bailout and reduce the US Treasury to a minority shareholder, Reuters reported.
“The IPO, I think, is going to begin doing a couple of things,” Gibbs said. “One, reduce our stake in General Motors as a company, and as we move forward, begin to recoup the money that we invested in saving those jobs throughout the midwest.”
Asked whether he was confident all taxpayer money would be recovered, Gibbs said: “Yes.”
“First and foremost, you’ve seen pretty strong sales figures (from GM), which I think are encouraging,” he said.
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