Treasury Sets Specific Plan To Sell GM Stock
The Treasury Department on Friday said it has set out a "pre-arranged written trading plan" to sell its remaining holdings of General Motors stock.
The Treasury Department on Friday said it has set out a "pre-arranged written trading plan" to sell its remaining holdings of General Motors stock. In a statement, Treasury said that, under the plan, it will go ahead with existing plan to sell its 300 million GM shares in an orderly fashion and fully exit withint the next 12-15 months, subject to market conditions. Earlier this week, Treasury picked Citigroup and J.P. Morgan Chase & Co to see the stake valued at more than $8 billion. GM is seen as eager to cut ties with the government, which provided $49.5 billion to GM in 2009 as part of the company's bankruptcy reorganization.
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