Treasury sold off $489M of GM stock in February

The Detroit News reports that the US Treasury sold off around 17.2 million shares of General Motors stock in February worth $489 million. The move is part of a plan to rid the government of GM stock by March, 2014. All told, the government has regained $29.8 billion of the $49.5 billion it took to bail out GM in 2008 and 2009. The feds sold off nearly half the country's stake in the automaker when the company went public in 2010, and now taxpayers own around 19 percent of the manufacturer. Moving forward, the Treasury will disclose how many shares it has sold each financial quarter.

Earlier this year, the government named Citigroup Inc.

Autoblog , Treasury sold off $489M of GM stock in February, Treasury sold off $489M of GM stock in February