Gm Repaying Government Bailout Could Take Years

09.17.10 | FL News Team

(Detroit, MI)  --  General Motors isn't quite ready to repay all the bailout money it received from the federal government.   Speaking at the automaker's headquarters in Detroit, GM CEO Dan Akerson said it could take "several years" to pay back taxpayers for the 50-billion-dollar safety net that saved the company from financial ruin.

GM emerged last year from a bankruptcy process that left the federal government with a nearly 61-percent stake in the company.  An IPO that's expected in the coming months would allow the government to start reducing its stake in GM.  However, Akerson says it would be "unrealistic" for the Treasury Department to sell off all its shares at once.