By William Maley
Staff Writer - CheersandGears.com
February 26, 2013
The U.S. Treasury has began to sell off its remaining shares in General Motors, with a goal of selling it all by next March. Currently the U.S. Treasury owns more than 300 million shares in the auto maker, or about a 19% stake.
In a statement, the Treasury said it "intends to sell its shares into the market in an orderly fashion and fully exit its remaining GM investment within the next 12-15 months, subject to market conditions."
The Detroit News says the U.S. Treasury has recouped $29 billion from its $49.5 billion bailout to GM. To break even, the U.S. Treasury would need to get $72 per share, which will likely not happen. At this moment, GM's share price is $26.80. This would result in a $12 billion loss.
Source: The Detroit News