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Thu January 27, 2011
Treasury Department hopes to sell off remaining GM stock within 2 years
The head of the government's bailout program says the U.S. Treasury Department hopes to sell its remaining shares of General Motors stock over the next two years.
The Associated Press reports:
Timothy Massad, the senior Treasury official managing the government bailout fund, told a congressional hearing that there is now a path forward for Treasury to sell its remaining shares in GM over the next two years if market conditions permit. The Treasury Department trimmed its stake in GM to 26.5 percent of the company, down from 61 percent, when it sold $23.1 billion of GM stock at an initial public offering in November.