Treasury Department Plans To Be Knee Deep In GM's Business For The Time Being

The Obama administration official overseeing the government's 26 percent stake in General Motors Co. said there is no timetable for exiting the Detroit automaker.

In a Detroit News interview this week, Tim Massad, the assistant Treasury secretary who oversees the $700 billion Troubled Asset Relief Program, said investors aren't giving GM enough credit. He offered no timetable on when the government will complete its exit of GM.

"Our perspective is that the company has made real progress, but the market hasn't given them as much credit for that as it might," Massad said.

Last October, the Treasury shifted course and said it no longer planned to exit GM, as soon as practical, in the face of the steep sell-off in the stock.