Treasury Sells Off 172 Million GM Shares In February - Estimates Loss On "Loan" At $12 Billion

The U.S. Treasury sold at least 17.2 million shares of stock in General Motors Co. in February as it vows to exit its stake in the Detroit automaker by March 2014.

In a report to Congress late Monday, Treasury said it had raised $489.9 million from the sale of shares in GM last month.

Treasury hasn't disclosed the precise number of shares it sold, but based on stock prices in February, the government sold between 17. 2 million and 18.1 million. That means since January, Treasury has sold at least 22.6 million shares — or at least 7 percent of its 300 million shares it is selling off. Treasury said last month it had net proceeds of $156.4 million in January for the sale of GM stock during eight full trading days of the month.

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LexSucks - 3/12/2013 5:39:21 PM

-5 Boost

And this all started with Obama? GE hasn't been paying taxes way before Obama. That's OK. It's still Obama's fault as to why GE doesn't pay taxes even though GE hasn't been paying taxes since Obama was a child.

mrcassis - 3/12/2013 6:51:39 PM

-3 Boost

All conservatives and all Fox followers within ear-shot......LLLLLLLLLLets get ready to hate on OBAMMAAAAAAAAAAAAA!!!!!

AgentOrange - 3/13/2013 11:48:16 AM

0 Boost

As a Canadian, I don't have a dog in your hunt, but I think the headline is a bit disingenuous. What would the cost have been to your federal treasury had the people directly and indirectly involved in the U.S. auto industry been on unemployment insurance or welfare and not been working and paying income taxes. What would the delta have been between those 2 figures? I'm betting it's be a hell of a lot more than $12B.