Treasury continued GM sell off last month

The United States government sold off another $570.1 million worth of General Motors stock in September, the Treasury Department revealed on Friday.

The government didn’t release how many GM shares it sold, but the Treasury banked more than $570 million from selling some of its remaining 101.3 million shares in the Detroit-based automaker. The U.S. government now owns about 7 percent of GM, down from a high of 60.8 percent.

“Treasury will continue to wind down the taxpayers’ investment in GM, a critical part of the administration’s response to the financial crisis that prevented the collapse of the American auto industry and saved more than 1 million American jobs,” Tim Massad, Treasury Assistant Secretary for Financial Stability, said in a statement, according to The Detroit News. “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.”

The Treasury – which has been selling off its GM stock at a pace between 19 million and 25 million shares per month this year – hopes to fully exit GM ownership by March 2014.

Taxpayers stand to lose about $10 billion on the government’s $49.5 billion bailout of GM.

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