Just about a year ago, the American auto industry was on the brink of collapse. Today, General Motors announced that it has repaid its $6.7 billion loan to the U.S. government in full, five years ahead of schedule, according to the U.S. Treasury Department.
Treasury Secretary Timothy Geithner indicated that the GM news justifies the bailout because it represents “not only more funds recovered for the taxpayer but also countless jobs saved and the successful stabilization of a vital industry for out country.”
Larry Summers, the Director of the National Economic Council, added, “This turnaround wasn’t an accident of history.” Government investment required that GM “reshape their business and chart a path toward long-term viability without ongoing government assistance.”
(READ more at Forbes.com)