Government sells $1.2B more GM stock

Published on NewsOK Modified: November 12, 2013 at 4:56 pm •  Published: November 12, 2013
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DETROIT (AP) — The U.S. government says it sold another $1.2 billion worth of General Motors stock last month, moving it closer to divesting its entire stake in the automaker.

That stake now could be as low as 4 percent.

A report to Congress says the government has recovered roughly $37.2 billion of the $49.5 billion it spent to bail out GM. That means taxpayers are still $12.3 billion in the hole.

The report didn't disclose the number of shares sold in October or how much stock the government still owns. As of Sept. 26, it owned 101 million shares or about 7 percent of the company.

The Treasury got 912 million shares, or a 61 percent stake in GM, in exchange for the bailout five years ago.