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CEO: Treasury Dept. Should Clarify Plans for GM Stock
The U.S. Dept. of the Treasury should articulate the purpose of its 26.5% equity stake in General Motors Co., says CEO Dan Akerson.
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The U.S. Dept. of the Treasury should articulate the purpose of its 26.5% equity stake in General Motors Co., CEO Dan Akerson tells the CNBC television news channel.
Akerson says the government must decide whether it is seeking a financial return on its $49.9 billion GM investment or the "social benefits" of the bailout, such as saving thousands of jobs. That distinction could be key to when the U.S. divests its holding.
Treasury officials say they are seeking to balance a desire for a speedy end to financial ties to GM with a need to recoup as much of the bailout money as possible. The latter goal has been impeded by the plunge in GM's share price to $22 from $33 when it went public in late 2010.
Akerson has been blunt in urging the U.S. to sell its GM stake. He has said doing so would help erase the stigma of "Government Motors" and end the executive compensation limits imposed by the Treasury Dept.
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