TARP Special Inspector General Neil Barofsky has calculated that the Treasury Department's shares in General Motors Co. will have to sell for $133.78 each in order for the government to recoup its investment in the automaker.
GM's highest trading price ever was $94.63 -- a feat it reached more than a decade ago.
The figure was revealed as a result of a request from Sen. Chuck Grassley (R-Iowa), who sent a request to Barfosky's office last month for the data. Grassley is the ranking member of the Senate Finance Committee.
"I didn't support the government bailout of the automakers, and I'll continue to work to see taxpayers repaid and to hold the Treasury Department accountable for the sale of the taxpayers' share of GM," Grassley said in a statement.
The U.S. government has invested approximately $50 billion in GM. Today, Treasury has a 61 percent common stock stake in the automaker.
Grassley requested the data due to the upcoming initial public offering that GM is pursuing. GM filed for its IPO last month.
Barofsky's reply to Grassley indicates that GM would need to sell its common stock for an average of $133.78 per share for Treasury to recoup its investment.
Treasury's ownership stake amounts to 304,131,356 shares of common stock. The $133.78 figure excluded the government's $2.1 billion in preferred GM shares.