US Treasury Sold $489.9 Million of GM Stock in February
The U.S. Treasury received about $489.9 million from the sale of General Motors 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 it 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.
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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.