Treasury And UAW Dumping 50 Million GM Shares - Losses At Only $10 Billion On "Loan"

The U.S. Treasury said Wednesday it plans to sell 30 million additional shares of General Motors stock in a new public offering in conjunction with GM’s return to the S&P 500 index on Thursday.

The United Auto Workers Retiree Medical Benefits Trust — which holds about 14 percent of GM — will also participate by selling 20 million shares, making the total offering size 50 million shares. It represents about 12 percent of Treasury’s outstanding GM stock.