The U.S. Treasury has booked a loss of $9.7 billion on the nearly $49.5 billion bailout of U.S. automaker General Motors Co, according to a Reuters.
Back in 2009, the U.S. government extended $49.5 billion in loans to the Detroit automaker for $2.1 billion in preferred stock and a 60.8 percent equity stake.
The Treasury has reduced its stake in GM through a number of different stock sales.
Each sale has taken place below the price Treasury needed to break even on its GM investment, which is the main reason for the loss, according to a report from the Special Inspector General, who oversees the $700 billion Troubled Asset Relief Program.
Treasury sold its preferred stock and condensed its equity stake to 7.3 percent. The U.S. government owns approximately 101.3 million GM shares as of September 26, according to Reuters.
The U.S. government has it will sell its remaining shares in GM by April 2014.
Some analysts have predicted that the Treasury may try to sell the rest of its shares before 2014, but that remains to be seen.
Related Articles:
Police GPS Tracking Bullets Designed to Reduce High-Speed Chase Collisions (VIDEO)
Tiananmen Square Crash That Killed 5 Might Have Been a Suicide Attack (VIDEO)
iPhone 6 Release Date: Bigger Phone Expected This Summer?
David Beckham Crash: Retired Soccer Player, Son, Uninjured After Fender Bender
Crazy Ants Are Capable of Killing Other Insects and Starving Out Entire Colonies (VIDEO)
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?
