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Obama: GM stock sale a success for his policy

WASHINGTON — President Barack Obama says the early success of General Motors’ initial public stock offering validates his administration’s $50 billion taxpayer-backed rescue of the venerable automaker.

The company’s stock began trading on Wall Street Thursday. The sale is a milestone for both the corporation and for the Obama administration.

Because of the public offering, the government reduced its ownership stake in GM from 61 percent to about 36 percent.

Obama says there were many “doubters and naysayers” when his administration stepped in to help GM. He said the tough decisions his administration made are paying off.