True to its word, the US Treasury Department has taken steps today to rid itself of its remaining 300-million shares of General Motors stock. The Treasury has engaged both JP Morgan and Citigroup Global Markets to handle the sale of the remaining shares, reports the Detroit Free Press.
After divesting itself of 200 million shares last month, the government agency said that it would shed its remaining investment in the automaker throughout 2013. Today, the Treasury still owns some 19 percent of GM.
When the Treasury sold stock back to GM last month, it was at a price of some $27.50 per share, or above what the issue was then trading at in the open market. More recently, GM stock has been seeing closer to $29 per share in the marketplace, offering some hope that the final "cost" to the taxpayer will be less than expected. With that said, the plan remains to sell off in segments, rather than all at once, as a way of disrupting the market as little as possible.
Obama officials are on record has having said that, even if the US Government ultimately loses money on the investment in GM stock – a virtual certainty according to the reports we've read so far – the jobs saved by the automaker bailout make this a net win for the country.