USA TODAY: The U.S. government sold another $1.2 billion worth of General Motors stock last month as it moves closer to selling its entire stake in the automaker. The government’s stake as of Oct. 31 could be as low as 4%.
A report to Congress Tuesday said the government has recovered roughly $37.2 billion of the $49.5 billion it spent to save GM five years ago. That means taxpayers are still $12.3 billion in the hole…
That would leave the government with roughly 70 million shares, or about 4 percent of GM. Those shares would have to sell for more than $175 per share for the government to break even. GM shares closed down 2 cents at $36.66… (more)
