Auto Industry Bailout, Treasury | featured news

The U.S. government's short stint in the auto business is coming to an end. The Treasury Department said Wednesday that it will sell its remaining stake in General Motors by early 2014, writing the final chapter of a $50 billion bailout that saved the auto giant but stoked a heated national debate about the government's role in private industry.

The Treasury department said on Tuesday that automaker Chrysler Group LLC has repaid $5.1 billion in bailout loans and ended its ability to draw a remaining $2.1 billion.

General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the Treasury to a minority shareholder.

How long it takes for the government to divest its holdings in General Motors will, in part, be determined by the company’s success, G.M.’s chief executive said.