Kildee: "G.M.'s Strong IPO Shows Renewed Strength of American Icon"

New report shows government loans helped save more than 1.4 million jobs

WASHINGTON, D.C. – Today, General Motors made its initial public offering of stock, raising an impressive $23.1 billion and more than halving the government share in the company. Congressman Dale E. Kildee (D-MI), Co-Chair of the Congressional Automotive Caucus and a native of Flint, MI, the birthplace of G.M., said the company’s strong IPO shows that government loans were a smart investment that saved jobs and that G.M. is well on its way back to productivity and profitability.

“G.M.’s better than expected initial public offering is further proof that government loans were a smart investment of taxpayer money and not a government bailout as some critics had charged. In fact, the government’s share in the company has been cut from 61 percent to 26 percent and some are predicting that a complete government exit could happen in the next two years. And according to a new report by the Center for Automotive Research, aid to G.M. and Chrysler saved more than 1.1 million jobs in 2009 and 314,000 jobs this year.  I was always a strong proponent of government loans to our auto makers and they have clearly paid off. I am committed to a strong and vibrant domestic auto industry and today’s initial public offering by GM is further proof that this national icon is poised to once again drive the American economy,” said Congressman Kildee.