Grassley Asks SIGTARP to Evaluate Taxpayer Stake in GM Stock Sale
WASHINGTON – Sen. Chuck Grassley today asked the Special Inspector General for the Troubled Asset Relief Program to evaluate whether the Treasury Department and General Motors are taking adequate steps to ensure the highest possible return for taxpayers in the government’s upcoming sale of its GM stock. The government owns 61 percent of GM stock as a result of the taxpayer-funded bailout of the company last year.
“Taxpayers have an enormous financial stake in GM,” Grassley said. “More than $40 billion in tax dollars is tied up in GM stock, so the stock sale is risky for the public. The Treasury Department needs to minimize the risk for taxpayers. When the dust settles, I hope taxpayers won’t have lost billions of dollars on GM.”
Grassley said the Treasury Department also needs to disclose the total amount of transaction costs that will be paid to investment bankers in connection with the stock offering, and that the disclosure should be before, not after, the sale to ensure taxpayers get the best possible deal. The text of Grassley’s letter to Neil M. Barofsky, special inspector general for the Troubled Asset Relief Program, is posted with this press release at finance.senate.gov.
Grassley is ranking member of the Committee on Finance, with jurisdiction over the Treasury Department.
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