Treasury To Sell Final Shares of GM
The U.S. Treasury filed plans Sept. 26 to sell the remaining 101.3 million shares — 7.3% — of GM stock, which began immediately. Taxpayers once owned 61% of the Detroit automaker when the federal government took 912 million shares as part of a bailout under the Bush and Obama administrations. If the remaining portion sells at GM's current stock price, taxpayers will lose about $10 billion on the automaker's $49.5 billion bailout. That's about $1 billion less than a July estimate by a government watchdog, but it still means GM is responsible for the lion's share of the Treasury’s estimated $15 billion loss on the $85 billion auto bailout. The remaining loss comes mostly from Chrysler ($2.9 billion — booked when the government exited ownership in 2011) and Ally Financial (still undetermined as taxpayers own the vast majority of the Detroit auto financer).
Read the full story from our friends at the Detroit News for more information.