Three years after the U.S. Treasury took a sizable stake in General Motors when the automaker launched a post-bankruptcy IPO, shares of GM are on the cusp of hitting an all-time high.
The resurgence of GM shares, which languished for the first two years after the IPO, comes as the federal government is about to finish selling all of its GM holdings. For Uncle Sam, the exit is one it has orchestrated over the last year with a steady sale of GM stock.
GM executives have been waiting for this move, and privately pushing for it, over the last three years. After all, they expect the Treasury's stake is one factor keeping those shares from soaring.