GMAC Says Government Will Own Them For Some Time

It appears as if the government is in for the long haul with its investment in GMAC.

In a filing with the SEC, GMAC said it could take up to 17 years for the government to divest itself of an up to 70% interest in the company.

From Reuters:

In a U.S. Securities and Exchange Commission filing, Detroit-based GMAC said that if it were to go public, the Treasury Department would begin to liquidate its stake no later than seven years after an initial public offering.

It said the government would thereafter have a “goal of liquidating between 10 percent and 20 percent of the Treasury’s interest in GMAC’s equity securities in each succeeding year.”

Anyone want to guess how long we’ll be in GM and Chrysler?

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