GM is Buying Back All Preferred Stock from the Treasury Dept.
Some really good news for a change, from the US automobile industry:
Washington - General Motors Co will announce this afternoon that it is buying back all of the Treasury Department’s $2.1 billion in preferred stock, people briefed on the matter said.
The move is another step by the Detroit automaker toward repaying its $49.5 billion bailout.
GM has previously paid $6.7 billion in outstanding government loans, and just over $700 million in dividends and interest.
The Treasury Department and GM both declined to comment.