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News Link • Obama Administration

General Motors pushing U.S. to sell stake: report

•, By William Spain
 The Treasury Department is resisting General Motors' push for the government to sell off its stake in the automobile maker, The Wall Street Journal reports. Following a $50 billion bailout in 2009, the U.S. taxpayers now own almost 27% of the company. But the newspaper said GM executives are now chafing at that, saying it hurts the company's reputation and its ability to attract top talent due to pay restrictions. Earlier this year, GM /quotes/zigman/1466682/quotes/nls/gmGM-1.41% presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering.

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