Treasury announces plan to sell remaining GM stock by year's end

Nov. 22, 2013 at 2:55 PM
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WASHINGTON, Nov. 22 (UPI) -- The U.S. Treasury Department said it would complete the sale of its remaining General Motors Co. common stock by the end of the year.

Completion of the sale of its remaining 31.1 million shares is subject to market conditions, the department said Thursday in a release.

The Treasury Department also said Thursday it had completed the sale of 70.2 million shares of General Motors common stock.

"Treasury's investment in the American auto industry was part of President Obama's broader response to the financial crisis, and it helped save more than one million jobs," Treasury Deputy Assistant Secretary Tim Bowler. "Had we not acted to support the automotive industry, the cost to the country would have been substantial -- in terms of lost jobs, lost tax revenue, reduced economic production, and other consequences."

Bowler said all three U.S. automakers are profitable and more than 340,000 new jobs in the industry have been created since GM and Chrysler emerged from bankruptcy in 2009.

Treasury officials said the department has recouped $38.4 billion for taxpayers from the GM investment overall.

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