Treasury Department moves forward with General Motors stock sale
1:49 PM, Jan 18, 2013
1:56 PM, Jan 18, 2013
DETROIT (WXYZ) - The US Department of the Treasury has announced they are moving forward with their plans to see the remaining 300 million shares of General Motors stock the US Government holds.
The Treasury Department originally announced that they were selling off the government's remaining stake in GM in December 2012. That announcement was followed by the sale of 200 million shares of GM common stock.
The sale of the remaining 300 million shares is expected to be completed within the next 12-15 months.
The sale of the GM stock is part of the US Government's wind down of the Troubled Asset Relief Program.
Better known as TARP, the program was launched during the financial crisis as a way to shore up companies that were in danger of going under due to their financial conditions.
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