US to sell General Motors stake

The US Treasury sold $5.5bn (£3.4bn) of shares in General Motors yesterday and plans to sell the rest of its stake over the coming year, all but assuring a multibillion-dollar loss following the car manufacturer’s state bailout in early 2009. At current prices the Treasury could lose more than $12bn on its $50bn investment in GM but the plan is part of a broader push to exit controversial bailouts made during the financial crisis.