U.S. Treasury in no big hurry to unload GM

The Treasury Department has no intention of heeding the old “sell in May and go away” adage when it’s officially allowed to unload its stake in General Motors Co. later this month.

While the government likely won’t turn into a long-term shareholder, two people familiar with the situation said Thursday there’s a chance the Treasury won’t have pulled the trigger even by the end of the year.

It had been previously reported that a government exit from the car business would start to take place shortly after the May 22 lockup’s expiration.

Some expected a Dec. 31 deadline because the Obama administration wouldn’t want it to be an issue in an election year.

The sources said neither scenario is accurate, however.

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- Posted: 2011-05-12 12:58:36

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