With the United States Treasury selling 200 million (40 percent) of its shares back to General Motors to the tune of $5.5 billion, several intervening restrictions that were part of the multi-billion-dollar rescue deal of the company will be lifted. Perhaps the most controversial one is the ability to once again purchase private jets for executive use.
However, GM chief finance officer Dan Ammann noted in a Detroit Free Press report that the company holds “no current plans” to buy or lease any aircraft. So there’s that. Still, GM must continue its executive pay restrictions until the Treasury completely pulls out some 12-15 months from now, when it sells its remaining 300 million shares.