GM Stock Worth $877 Million Sold by US Treasury
In a report to Congress earlier this week, the US Treasury said it sold $876.9 million worth of General Motors stock in July, which means between 23 million and 26 million shares of its holdings.
According to The Detroit News, the government still has 135 million to 137 million shares of GM stock, which should take about six months to sell at the current rate. The US Treasury has to recover $14.9 billion of the $49.5 billion spent in the General Motors bailout four years ago.
The US Treasury began selling General Motors shares in November 2010. Back in January, the American government named Citigroup Inc. and J.P. Morgan Chase & Co. to manage and complete the General Motors stock sale by March 2014.
Story via TheDetroitNews