WASHINGTON Jan 16 The U.S. Treasury has picked
JP Morgan and Citigroup to manage the sale of the government's
remaining shares in General Motors Corp, according to
documents posted on Treasury's website, as it continues to exit
from the controversial bailout.
The sale, which was announced in December, will help recoup
part of GM's $50 billion federal rescue, but is still likely to
leave U.S. taxpayers facing a multibillion-dollar loss.
The government raised $5.5 billion when it sold 200 million
shares back to GM last month, and said that it would divest of
the remaining 300.1 million shares over the next 15 months,
starting in January.
The auto giant was saved as part of the Troubled Asset
Relief Program (TARP) created by former President George W Bush
to fight a widening financial panic in 2009 that threatened to
collapse the U.S. banking system.