US Treasury Sold $489.9 Million of GM Stock

The US Treasury has taken another step to rid the Government of General Motors stock by selling at least 17.2 million of Detroit's shares, worth $489.9 million, in February.
GM headquarters 1 photo
According to DetroitNews, the Treasury said it had raised $489.9 million from the sale of GM shares last month, without revealing the actual number of shares sold. However, based on February stock prices, some 17.2 to 18.1 million shares have "left" the Government building.

After last month's sale, the feds have reportedly regained $29.8 billion of the $45.9 billion spent to bail out General Motors in 2008 and 2009, with about 19 percent of the company now being owned by taxpayers.

To break even on the whole infamous bailout, the Government needs to gain $72 per share for its remaining shares, which means that current stock prices could dig a Michigan-sized $12 billion whole.

Two months ago, the Treasury named Citigroup Inc. and JPMorgan Chase & Co. to manage and complete the GM stock sale by March 2014.

Story via DetroitNews
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About the author: Ciprian Florea
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Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer.
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