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SAN FRANCISCO (MarketWatch) – The Wall Street Journal took a fresh look Monday at General Motors Co.’s efforts to end its awkward relationship with the U.S. Treasury.

The article, citing “people familiar with the government’s thinking,” states the government is reluctant to sell its 26.5% holding in GM because it would mean booking a loss on the bailout. That’s understandable. While it’s great to be able to point to all the jobs saved by the $50 billion bailout, any political currency gained by the White House would be a lot sweeter if it also made a profit on the deal.

That’s not happening. Not yet, anyway. GM GM +1.92%   is currently trading at just under $24 a share, well below its $33 post-bankruptcy public offering in November 2010. The share price needs to reach $53 for the government to…

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