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General Motors, Preparing for IPO, Resumes Donations

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Sept. 20 (Bloomberg) -- General Motors Co., which is making plans to sell its stock to the public, has made its first campaign contributions since 2008, Federal Election Commission reports show.

Detroit-based GM, 61 percent owned by the U.S. Treasury, resumed donations through its political action committee, according to the company’s August FEC report, and has given $91,500 to candidates of both political parties. The PAC contributed $710,008 for the 2008 elections.

“Emerging as a new company, we are participating in the political process,” said Greg Martin, a GM spokesman. “We will not sit on the sidelines while our competitors in other industries have their voices heard.”

Among those receiving GM contributions were Representative Eric Cantor of Virginia, the No. 2 House Republican, and the leadership PAC of House Majority Leader Steny Hoyer, a Maryland Democrat.

GM emerged from bankruptcy in July 2009 and received a $50 billion taxpayer bailout. The company is seeking to raise as much as $16 billion through its initial public offering.

To contact the reporter on this story: Jonathan D. Salant in Washington at jsalant@bloomberg.net.

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net.

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