GM shares close 3.6 percent up; Obama says bailout worked

By Jia Lynn Yang and William Branigin
WashPost

President Obama, declaring that the U.S. auto industry "is once again on the rise," hailed General Motors' public stock offering Thursday as a vindication of his bailout program and the "tough restructuring" that resulted from it.

In brief remarks at the White House, Obama said GM's relaunch as a public company cuts the government's stake in the largest U.S. automaker by nearly half.

"American taxpayers are now positioned to recover more than my administration invested in GM," he said. U.S. automakers "are in the midst of their strongest period of job growth in more than a decade," Obama said, adding that "for the first time in six years, Ford, GM and Chyrsler are operating at a profit."

While there is "still a long road ahead," the president said, "we are finally beginning to see some of these tough decisions ... pay off."

(More here.)

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