|Government sells more GM shares, cuts stake to 7 pct.||| Print ||
|Written by Associated Press|
|Thursday, 26 September 2013 10:03|
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.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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