Treasury Dept. Has No Timetable for GM Exit

U.S. Assistant Treasury Secretary Tim Massad, who oversees the government's 26.5% stake in General Motors Co., tells The Detroit News the government has set no deadline for selling its shares.

Massad says the stock market isn't giving the company enough credit for solid progress in its turnaround. GM shares closed at $22.37 on Thursday far below their initial public offering price of $33 in November.

The U.S. needs to sell its stake for more than $52 per share to break even on the $49.5-billion GM buyout. Massad wouldn't comment on the price at which the U.S. aims to sell its stock, the News says. He reiterates that the Treasury Dept. plans to balance its goals of getting the highest returns for taxpayers and ending its involvement in the auto business.

Anonymous Obama administration officials tell the newspaper that the government won't sell its stock before the November presidential election to avoid drawing voter attention to bailout losses.

GM is eager to escape government limits on executive pay and shed the stigma of being tagged "Government Motors." CEO Dan Akerson last week compared the Treasury Dept. to in-laws who have overstayed their welcome. He says the company expects the government to exit within 12 months.