×

The Treasury Department says it will hold on to its 26.5 percent stake of GM for the foreseeable future.

General Motors' stock hit an all-time low on Monday - falling below the $20 mark -- prompting the Treasury Department to say it will be "patient" with its remaining stake in the Detroit-based automaker.

The Treasury Department still holds 500 million share in General Motors, representing a 26.5 percent stake. The Treasury Department was hopeful that it would be able to unload the majority of its shares sometime this year but, as GM's stock price continues to tumble, the agency says it will wait patiently for a better time to sell.

"We have to balance the goal of divesting these stakes "" because the government should not be in the business of owning stakes in private companies "" with the goal of maximizing taxpayer returns," Assistant Secretary for Financial Stability Tim Massad told CNBC in an interview Monday.

At current prices the federal government would lose about $16.5 billion of its $49.5 billion bailout of GM. The Treasury Department would need to sell its remaining shares for $53 a pop to break even, well under the stock's current $19.72 trading price.

References
1.'Treasury will be ...' view