US Treasury launches new trading plan to sell GM shares
The U.S. Department of the Treasury announced that it will continue to sell its shares of General Motors common stock by launching a third pre-defined written trading plan. Following the second trading plan, taxpayers held 101.3 million shares of GM stock.
"Treasury will continue to wind down the taxpayer's investment in GM, a critical part of the administration's response to the financial crisis that prevented the collapse of the American auto industry and saved more than one million American jobs," Tim Massad, Treasury Assistant Secretary for Financial Stability, said in a statement. "The third trading plan will allow us to continue exiting the investment in accordance with our previously announced timetable while maximizing the taxpayer's return."
(Read more: U.S.Treasury cuts stake in GM to 7.3 percent)
Treasury's sale of additional GM common stock, which begins today, is part of its continuing effort to wind down the Troubled Asset Relief Program (TARP). So far, the Treasury Department has already recovered more than 96 percent ($404.9 billion) of the funds disbursed through TARP ($420.92 billion).
Click here for the latest on the markets.