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Treasury to sell some GM common shares

May 6, 2013 at 12:39 PM   |   Comments

WASHINGTON, May 6 (UPI) -- The U.S. Treasury Department said Monday it would put some of its shares of General Motors common stock up for sale.

The Treasury didn't specify a date for a sale but said there would be opportunity for smaller broker dealers, "including women and minority-owned broker dealers," to participate.

The department had already said it would wind down its Troubled Asset Relief Program, which was used to bailout banks, insurance companies and General Motors and Chrysler.

In Monday's announcement, Treasury said it had recovered nearly 94.6 percent or $396.7 billion out of $419.37 billion disbursed through the TARP program.

Excluding housing programs, the department said, TARP disbursed $411.72 billion and has recovered $414.25 billion, some of that in dividends and interest on loans.

In December 2012, the department sold 200 million GM shares back to the automaker. It also said it would divest itself of its remaining 300 million shares within 15 months, "subject to market conditions."

© 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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