Government to sell remaining GM shares at a loss

The US government has announced a plan to sell the remaining 300 million shares of preferred stock it bought to bail out General Motors. USA Today: The Obama administration today took the next step in its plan to exit ownership of General Motors, initiating a plan to sell its remaining 300.1 million shares in the automaker. Last month, the U.S. Treasury sold 200 million shares of common stock back to GM and announced its plan to get rid of the remaining shares in the coming months. As of now, the govenrment owns a 19% stake in the company. Treasury this week announced that it had brought on JPMorgan Securities and Citigroup Global Markets to sell its remaining shares. The plan is for the administration to divest itself of the remaining investment in the next 12 to 15 months. The administration took a huge stake in GM when it provided $49.5 billion to the automaker as part of its rescue of both it and Chrysler. It's still not known how much the investment will end up...(Read Full Post)