The U.S. Treasury announced today that it intends to sell 30 million of its General Motors (NYSE:GM) shares in a public offering as of trading close tomorrow (June 6). This most recent move comes after the Department initially bought up 500 million GM shares as part of its Troubled Asset Relief Program during the worst of the Great Recession.
GM previously bought back 200 million shares in December, and the Treasury Department announced at the time that it intended to "fully exit its GM investment" in the following 12 to 15 months.
Of the $420 billion in bailout buys, the department has recovered around 95% and is "continuing efforts to wind down" its additional outlays. Excluding housing program help, the Treasury has managed a marginal profit, collecting $415.7 billion on its original $411.7 billion disbursement.
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