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U.S. Treasury speeds sales of General Motors stock


The General Motors world headquarters is seen in downtown Detroit, Michigan in this May 31, 2009 file photo. REUTERS/Rebecca Cook
The General Motors world headquarters is seen in downtown Detroit, Michigan in this May 31, 2009 file photo. REUTERS/Rebecca Cook

WASHINGTON, DC (WKZO) -- The U.S. Treasury department is reportedly accelerating its sell-off of stock in General Motors.

According to documents filed on Tuesday, the government has 101-million remaining shares of GM stock, which it intends to sell by March.  The taxpayers’ ownership stake in the Detroit automaker, which was once more than 60-percent, is now down to 7.3-percent.

The government’s sell-off has picked up as of late.  After selling an average of 19-million shares in the early part of the year, the government has sold more than 25-million shares since May.

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