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General Motors stock purchase a big step

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A banner hangs on the front of the General Motors Co world headquarters announcing GM's return to NYSE in Detroit
A banner hangs on the front of the General Motors Co world headquarters announcing GM's return to NYSE in Detroit

DETROIT (WKZO) -- "As we come to the end of this chapter in our history," says General Motors CEO Dan Ackerson, "I believe most people are glad that General Motors is on the move once again, thanks to the courage and foresight of Presidents Bush and Obama, and the Canadian government."

Ackerson delivered the sentiment to employees following the announcement that General Motors is buying back 5.5-billion dollars of its stock from the U.S. government.  Over the next 12 to 15-months, the Treasury Department plans on selling its remaining 300-million shares of GM stock.  Once that happens the government's ownership of any part of the automaker comes to an end.

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