Treasury winds down TARP investments
General Motors said today it will buy back 200 million shares of GM common stock held by the U.S. Treasury, marking the first step in the Treasury Department's plan to wind down its investments in the company over the next 12 to 15 months. Treasury currently holds 500. 1 million shares of GM common stock as part of the Troubled Asset Relief Program (TARP). GM will buy the 200 million shares of GM common stock at a price of $27. 50 per share. Treasury would break even in its GM investment if the company bought back the stock at $53 a share, CBS News' Rebecca Jarvis reports, though Treasury has said this was expected to be an unprofitable investments. Treasury has disbursed $418 billion in TARP funds, and more than 90 percent of that, $381 billion, has been recovered, the department says.
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Rebecca Jarvis
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Organization: Treasury Department
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Company: General Motors
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