The Treasury Department continues to dump massive numbers of shares in General Motors Co. (NYSE: GM), either because it wants to show it can get some taxpayer money back from its bailout of the largest American car maker, or its does not like the firm's future prospects. Certainly GM's years of losses in Europe may be a trigger for Treasury's concerns.
In its monthly TARP Report to Congress, the Treasury Department reported:
In February, Treasury's brokers for GM stock sales informed Treasury that they had engaged six smaller broker dealers, including minority and women owned broker dealers, assist with Treasury's sales of its GM common stock.
In February 2013, Treasury received total net proceeds of approximately $489.9 million from the sales of GM common stock To date, Treasury has recovered approximately $ 29.8 billion of its investment in GM through repayments, sales of stock, dividends, interest, and other income.
Filed under: 24/7 Wall St. Wire, Autos, Politics Tagged: featured, GM