Photo: International Business Times
The US government sold $1.2 billion worth of General Motors stock last month, the Treasury Department said in a report to Congress, adding that it had recovered $37.5 billion of the $51 billion it spend to save the Detroit-based company in 2009.
The US government remains the third-largest GM shareholder, but it may complete selling its shares by the end of the year. The US Treasury began selling General Motors stock in December 2010, when the automaker repurchased $5.5 billion worth of shares.
In January 2013, the Treasury named Citigroup Inc. and JPMorgan Chase & Co. to manage and complete the GM stock sale by March 2014. Although General Motors shares have gained 27 percent so far this year, the US government will still lose a few billion bucks on the bailout.
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In January 2013, the Treasury named Citigroup Inc. and JPMorgan Chase & Co. to manage and complete the GM stock sale by March 2014. Although General Motors shares have gained 27 percent so far this year, the US government will still lose a few billion bucks on the bailout.
Story via AutoNews
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