Task Force Head Says Gov't To Sell Automaker Stock

By: Associated Press Email
By: Associated Press Email

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July 27, 2009

The head of the Obama administration's autos task force says the government wants to sell its shares in General Motors Co. and Chrysler Group LLC as soon as possible.

Task force chairman Ron Bloom told a congressional panel meeting Monday in Detroit that the government is eager to dispose of the shares.

The U.S. government owns 61 percent of the new General Motors and eight percent of Chrysler. Together the companies have received $65 billion in federal aid. Both recently emerged from bankruptcy protection.

Bloom was testifying before a panel overseeing auto industry bailout money. Treasurers from GM and Chrysler also are scheduled to testify.

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