U.S. Sells Another $1.2 Billion of GM Shares

The U.S. Dept. of Treasury reports it collected $1.2 billion last month by selling an undisclosed block of shares in General Motors Co.

The latest sale brings to $37.2 billion the amount recovered by the government of the $49.5 billion it spent to bail out GM in 2009.

The government, which once owned 61% of the company, said in September it had reduced its stake to 7.3%. The October sale has reduced the government's holding to about 5%.

The Treasury Dept. is expected to shed its remaining equity by early 2014 but could do so before the end of this year.