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Treasury Dept. selling more GM stock

Jan. 18, 2013 at 4:14 PM   |   Comments

WASHINGTON, Jan. 18 (UPI) -- The U.S. Treasury Department said Friday it will begin selling its 300.1 million remaining shares of General Motors Co. common stock.

Under a prearranged trading plan, the department said in a release it expects to shed its remaining GM investment within the next 12 to 15 months, depending on market conditions.

In December, Treasury officials and GM completed the auto manufacturer's repurchase of 200 million shares of common stock.

The Treasury Department's sale of its GM common stock is part of its effort to wind down the Troubled Asset Relief Program. To date, the department has recovered $387 billion, or nearly 93 percent, of the funds disbursed through TARP.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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