Thursday, Dec. 09, 2010

General Motors

It was a year and a half ago that General Motors filed for bankruptcy, and the Obama administration pumped $50 billion into the century-old automaker. The taxpayer-funded bailout, which made the U.S. government G.M.'s majority shareholder, wasn't popular with everyone. But after massive restructuring, the company nicknamed "Government Motors" has turned itself around and could very well have its first profitable year since 2004. In November, it raised more than $20 billion in the largest initial public offering in U.S. history. The government has significantly reduced its role in the company, and President Obama, commenting on the IPO, said, "Today, one of the toughest tales of the recession took another big step towards becoming a success story."