The Obama administration wants to hurry up its initial public offering (IPO) of General Motors Co. shares to reduce its majority stake in the automaker, according to Ron Bloom, the head of the U.S. government’s autos task force, in an interview with Reuters. At the earliest, an IPO for GM could come in the fourth quarter of 2010. Continued after the jump!

Bloom said that the government would be looking out if the automaker is meeting its recovery targets and if the financial markets are receptive.

Bloom asserts that the US government, which currently holds a nearly 61-percent stake in GM, wanted to “get out a little faster” from the investment it took as part of a policy to restructure the automaker in bankruptcy. He said that private markets would be “more comfortable” if the government would be on a sustained path out the door rather than wanting to maximize return.

GM is currently revaluing its balance sheet to provide a “fresh start” accounting of its assets and liabilities since emerging from bankruptcy in July. That process, a necessary step toward an IPO, is expected to be done by March.

[via reuters]

Tags: general motors, generalmotors, gm fast-track ipo, gm initial public offering, gm ipo, gm news

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