R.I.P., Bailout

U.S. Sells Last Stake in GM

The U.S. government lost some cash on a clunker. The bailout of General Motors ended Monday after the Treasury department sold its final shares in the automaker, losing $10.5 billion on the $49.5 billion bailout. GM had sold a 60 percent ownership stake to the government in 2009 instead of paying back $40 billion it borrowed during bankruptcy. Treasury Secretary Jack Lew defended the bailout, saying Obama’s “decision to commit additional support to GM while requiring them to fundamentally restructure their business was tough but right.”