Gov't Sells More GM Shares, Cuts Stake To 7 Pct.

NEW YORK (AP) -- The U.S. government says it's starting another phase of selling General Motors stock after cutting its stake to just over 7 percent.

The Treasury Department says it still owns 101.3 million GM shares. It got 912 million GM shares in exchange for a $49.5 billion bailout of GM in 2009. So far taxpayers have recovered about $35.4 billion. That means they're still $14.1 billion in the hole on the bailout.

To break even, the remaining shares would have to sell for nearly $140 each. At the current price of $37.19, the government would get nearly $3.8 billion more. So taxpayers are likely to lose around $10 billion on the deal.

The Treasury plans to sell all of its shares by the first of April.

More from

'Energy Corridor' Concept Pushed In North Dakota

Fairfax Says It Won't Abandon BlackBerry Bid

Toyota To Export Corollas To Latin America In 2014

Explore more news here.

More in Operations