Treasury sets up plan for more GM stock sales • 9:52 AM
The Treasury Department announces a new round of sales of General Motors (GM -0.5%) stock will commence under a regimented trading plan.
Uncle Sam has sold over 200M shares of GM stock already and is looking to unload the last 101.3M shares it holds.
September 26, 2013
09:48 EDT GM Treasury to begin selling additional GM shares today
The Department of the Treasury announced that it will continue its sales of General Motors common stock by launching a third pre-defined written trading plan. At the conclusion of the second trading plan, taxpayers held 101.3M shares of GM stock. Treasury’s sale of additional GM common stock, which begins today, is part of its continuing effort to wind down the Troubled Asset Relief Program. The Treasury said, "The third trading plan will allow us to continue exiting the investment in accordance with our previously announced timetable while maximizing the taxpayer’s return."
It's political, not commercial reason that stands behind the sales. Overall TARP has made a profit, so they are getting out as they see government having no business in owning private enterprises. It's an ideology thing, American dream, free market, democracy, whatever you want to call it.