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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