Posted: Oct 12, 2010 8:34 AM by Nichole Larkey
DETROIT (AP) - Treasury Secretary Timothy Geithner is meeting with new General Motors CEO Dan Akerson in New York as the government-owned automaker moves toward a public stock sale.
The government says the two men are meeting Tuesday afternoon. It's chance for them to meet for the first time. The location and time are not being disclosed.
The government plans to sell part of its 61 percent ownership stake in GM when the automaker's stock is sold to the public later this year. The government got the stake in exchange for giving GM $50 billion in aid that it needed to get through bankruptcy protection.
The Treasury Department has to decide how much of its common stock to sell. GM will sell preferred shares during the offering. The sale's tentatively scheduled for November.