Gov’t Expects to Finish GM Stock Sale by Year End
Remember when wingnuts were saying that Government ownership of GM was socialism and tyranny all wrapped up in one? Four years later all of their kookspiracy theories around the auto rescue will be fully debunked by reality.
The U.S. government expects to sell the last of its stake in General Motors by the end of the year, bringing an end to a sad chapter in the 105-year-old company’s history.
The Treasury Department, in a statement issued Thursday, said it still owns 31.1 million shares of the auto giant, less than 2 percent. It plans to sell the shares by Dec. 31, as long as the price holds up.
Shares of GM briefly hit $39 in trading early Thursday. The shares pulled back a bit in morning trading, but still were up $1.04, or 2.8 percent, to $38.73. The shares have gained 34 percent this year.