Obama: GM showed that anti -crisis solutions justify themselves

At the end of last week, the General Motors Auto -Concert Control of the primary placement of shares (IPO) in the US securities market, which has already brought about $ 20.1 billion and became the largest IPO in the history of the United States.

According to the New York Times, GM, and the world record belonging to the Chinese agricultural bank ($ 22.1 billion) is also affected. The car manufacturer expects to earn more than 23.1 billion dollars, this will help the option for the sale of additional shares during the retraining, which IPO organizers have.

US President Barack Obama said that the first sales of the new shares of General Motors (GM) on the New York Stock Exchange confirmed the correctness of the complex decisions made at the beginning of the work of its administration, when the federal government helped the Voice of America affected by the crisis.

After all the problems in the economy, the US president was able to indicate a serious achievement. The automotive industry, apparently, is re-equipped and revived to become profitable and competitive again.

President Obama emphasized the importance of this event. He noted that American taxpayers are now able to get more than the government initially invested in GM, which suggests that the American auto industry is again on the rise.

“For our car manufacturers, the period of the largest growth of jobs has come in more than a decade,” Obama said. “Since the company GM and Chrysler have escaped bankruptcy, more than 75 thousand new jobs have appeared in industry. For the first time in six years, Ford, GM and Chrysler have been working with profit.”

The government has a potential to reduce its share in the updated GM even more - to 33%, buying and selling additional shares and returning to taxpayers even more funds than was spent on saving the company.

GM, whose shares at the time of official bankruptcy in 2009 were sold in less than a dollar, already returned about $ 9.5 billion to the federal budget. Despite the reduction in the industry, according to the Obama administration, tens of thousands of jobs were saved and created.

Speaking at the General Motors, Chrysler and Ford plants on the eve of the intermediate elections to the Congress, which took place in early November, Obama pointed out that many Republicans fiercely opposed the help of automobile companies.