U.S. Treasury sold $489.9 mln of GM stock in February

March 11 Mon Mar 11, 2013 8:04pm EDT

March 11 (Reuters) - The U.S. Treasury received about $489.9 million from the sale of General Motors Co's shares in February, it said in its monthly report to Congress on its Troubled Asset Relief Program.

The TARP had pumped $50 billion in GM and $17 billion in Ally Financial, the former auto lending arm of GM, to save them from collapse during the 2007-2009 crisis.

The Treasury has recovered about $29.8 billion of its investment in GM through repayments, sales of stock, dividends, interest, and other income, it said in the report.

In December, GM bought 200 million of its own shares from the Treasury. This left the Treasury with about 300 million shares of GM, which it intended to sell within 15 months.

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Comments (1)
madtaxpayer wrote:
so American people lost money on labor unions again!

Mar 11, 2013 11:33pm EDT  --  Report as abuse
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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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