June 12, 2012 / 1:38 PM / 6 years ago

GM CEO: U.S. Treasury should state plan on GM shares

(Reuters) - General Motors Co (GM.N) Chief Executive Dan Akerson said the U.S. Treasury should articulate a plan for the GM shares it owns.

Akerson, speaking on CNBC ahead of the Detroit automaker’s annual meeting of shareholders, said there are “two dimensions” to the options for the Treasury.

“Now, they have to say are they an investor in a traditional sense looking for a return, or do they get a return in the social benefits that came” with government ownership, Akerson said.

Those benefits include the salvation of thousands of jobs at GM and the automaker’s suppliers.

The U.S. Treasury took ownership of GM shares as part of the government bailout of the No. 1 U.S. automaker in its 2009 bankruptcy. It now owns about 32 percent of the company.

The shares have fallen to about $22 from an IPO price of $33 in late 2010.

Akerson also said the Treasury has been a “good partner” and that the Obama administration “is doing what they should be doing” regarding GM ownership.

Reporting By Bernie Woodall in Detroit; editing by John Wallace

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