Treasury: GM Will Pick Timing Of Stock Offering 6-10-2010 - WNEM TV 5

Treasury: GM Will Pick Timing Of Stock Offering 6-10-2010

WASHINGTONThe Obama administration said General Motors, not the government, will determine when the automaker will conduct a public stock offering, which could happen later this year.
The Treasury Department said in a statement Thursday it expects to sell some of its 61 percent stake in GM when the automaker goes public.
The initial public offering could happen as early as October.
The government is trying to recoup some of the $50 billion it used last year to rescue GM.
It is unclear how much taxpayer money will eventually be recovered.
The administration has long stressed that it is not involved in GM's business decisions.
GM will choose the banks that underwrite the deal but the Treasury said it will determine the fees to be paid to the banks.
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