WASHINGTON - President Barack Obama says General Motors' plan to sell stock marks a major milestone not only in the turnaround of that iconic company, but of the U.S. auto industry as a whole.
A slimmed-down GM will begin offering stock Thursday, ending the government's role as majority shareholder.
Just later year, the automaker was near bankruptcy and dependent on financial aid from the government. Obama was criticized for bailing out GM and Chrysler.
But the president says it helped save jobs, rescue an industry at the heart of America's manufacturing sector and position it to be more competitive in the future.
A slimmed-down GM will begin offering stock Thursday, ending the government's role as majority shareholder.
Just later year, the automaker was near bankruptcy and dependent on financial aid from the government. Obama was criticized for bailing out GM and Chrysler.
But the president says it helped save jobs, rescue an industry at the heart of America's manufacturing sector and position it to be more competitive in the future.
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