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Feds report loss on General Motors shares

The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan August 25, 2009. REUTERS/Jeff Kowals
The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan August 25, 2009. REUTERS/Jeff Kowals

WASHINGTON, D.C. (WKZO) -- The U.S. Treasury is reporting a 9.7-billion dollar loss on its 49.5-billion dollar bailout of General Motors.  In a quarterly report presented to Congress on Tuesday, the Special Inspector General overseeing the 700-billion dollar Troubled Asset Relief Program bailout fund disclosed that the Treasury had a significant loss on its sale of most of its 60-percent stake in the automaker.

The Treasury has sold roughly 811-million shares of the 912-million shares it received as part of GM’s 2009 bankruptcy restructuring.  Officials say a complete exit from the automaker by the government could come within the next six-months.

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