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Treasury Department Sells More Shares of GM

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By Douglas A. McIntyre Updated Published
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West side view of the United States Capitol building.
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The Treasury Department continues to dump massive numbers of shares in General Motors Co. (NYSE: GM), either because it wants to show it can get some taxpayer money back from its bailout of the largest American car maker, or its does not like the firm’s future prospects. Certainly GM’s years of losses in Europe may be a trigger for Treasury’s concerns.

In its monthly TARP Report to Congress, the Treasury Department reported:

In February, Treasury’s brokers for GM stock sales informed Treasury that they had engaged six smaller broker dealers, including minority and women owned broker dealers, assist with Treasury’s sales of its GM common stock.

In February 2013, Treasury received total net proceeds of approximately $489.9 million from the sales of GM common stock To date, Treasury has recovered approximately $ 29.8 billion of its investment in GM through repayments, sales of stock, dividends, interest, and other income.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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