Wednesday, November 13, 2013

Treasury sells almost 1x3 of remaining GM stock

Treasury sells almost 1x3 of remaining GM stock

When we last checked the status of the federal government's stake in General Motors in September, it owned about 7.3 percent - roughly 101-million shares worth about $3.7 billion - of the automaker. In October, the Fed sold almost a third of its remaining stake, or 29- to 30-million shares valued at about $1.2 billion, The Detroit News reports. Currently the government owns around 71-million shares. Before the latest sale, the Treasury had recorded a loss of about $9.7 billion on 811 million of the 912-million shares it bought from GM as part of the company's 2009 bailout.

Autoblog , Treasury sells almost 1x3 of remaining GM stock, Treasury sells almost 1x3 of remaining GM stock

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