(WXYZ) - The U.S. Department of the Treasury announced the next step in a plan to sell the remaining 241.7 million shares of common stock of General Motors.
"TARP's emergency support to GM during the financial crisis was necessary to prevent the collapse of the American auto industry and save more than one million American jobs," said Tim Massad, Treasury Assistant Secretary for Financial Stability, in a press release issued Monday. "Earlier this year, Treasury launched an effort to sell its remaining shares in GM common stock. We are pleased with the progress to date and will continue exiting this investment in accordance with our previously announced plan and timetable, and in a manner that maximizes returns for taxpayers."
In December 2012, GM repurchased 200 million shares of stock from the Treasury. During that time, the government agreed to fully leave its investment in the automaker and sell the stock within 12 to 15 months.
In 2008, the government bailed out General Motors with a $52 billion loan to purchase 60.8 percent of the company's stock.