RECOVERY

GM Files for Landmark IPO

After bailout, readies to be public company again.

GM’s filing of an initial public offering on Wednesday represents a step toward once again being a public company. The carmaker could raise as much as $20 billion in its IPO, making the U.S. Treasury a minority shareholder. The Obama administration bailed out the bankrupt auto giant with $50 billion a little over a year ago, during the financial crisis. The shares will likely be traded on the New York Stock Exchange and Toronto Stock Exchange between late October and Thanksgiving, giving the Democrats time to paint the controversial auto bailout as a success before the midterm elections. The move is the first step in repaying taxpayers for the government bailout.