US Government to Sell More GM shares

6 years 5 months 2 days ago Thursday, September 26 2013 Sep 26, 2013 Thursday, September 26, 2013 8:53:09 AM CDT September 26, 2013 in News
By: The Associated Press

NEW YORK (AP) - The U.S. government says it's starting another phase of selling General Motors stock after cutting its stake to just over 7 percent.

The Treasury Department says it still owns 101.3 million GM shares. It got 912 million GM shares in exchange for a $49.5 billion bailout of GM in 2009. So far taxpayers have recovered about $35.4 billion. That means they're still $14.1 billion in the hole on the bailout.

To break even, the remaining shares would have to sell for nearly $140 each. At the current price of $37.19, the government would get nearly $3.8 billion more. So taxpayers are likely to lose around $10 billion on the deal.

The Treasury plans to sell all of its shares by the first of April.

 

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