Today, the U.S. Department of the Treasury announced that it will continue its sales of General Motors (GM) common stock by launching a third pre-defined written trading plan. At the conclusion of 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,” said Tim Massad, Treasury Assistant Secretary for Financial Stability. “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.”
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). To date, Treasury has already recovered more than 96 percent ($404.9 billion) of the funds disbursed through TARP ($420.92 billion). Today, all TARP collections, together with Treasury’s additional income from AIG shares, total $422.5 billion, exceeding disbursements of $420.92 billion. For more details on Treasury’s lifetime cost estimates for TARP programs, please visit Treasury’s Monthly 105(a) Report to Congress on TARP (.PDF)
In December 2012, GM repurchased 200 million shares of GM common stock from Treasury. At that time, Treasury also announced that it intended to sell its remaining 300 million shares into the market in an orderly fashion and fully exit its GM investment within the next 12-15 months, subject to market conditions.
There will be opportunities for those smaller broker dealers previously chosen, including women and minority-owned broker dealers, to continue to participate in the sale of Treasury’s remaining GM common shares pursuant to the plan.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of GM common stock.
9/26/2013, WASHINGTON –