Posted on 09/22/2010 4:03:05 PM PDT by earlJam
Gov't needs $133.78 a share to recover GM money
By TOM KRISHER, AP Auto Writer
DETROIT – (AP) — A government watchdog says the U.S. Treasury would have to sell its General Motors stock for $133.78 each to get back the nearly $50 billion it spent bailing out the Detroit automaker.
Special Inspector General for bailout funds (Neil) Barofsky told Grassley he would look into the steps taken to make sure taxpayers get their money back.
(Excerpt) Read more at news.yahoo.com ...
What a deal!!!!
Question:
How can an already penny stock issue an IPO of what, millions more shares, and not have the price drop even further towards zero ?
GM should build a car that runs on old GM stock certificates! ;-)
Easy Solution: Force the UAW to buy the shares at $133.78 so the government recoups its money and the union has a big stake in the company. Side benefit: that takes a big chuck of change out of play that the union could have spent funding rat campaigns.
MTLQQ (old GM) is trading for 36 cents
it’s the entity that has the leftover swarf from the GM bankruptcy including closed plants and environmental claims
new GM hasn’t gone public yet - I have seen stories that the Chinese will buy in heavily to get the technology - we’ll know more by end of 2010
Easy fix.
Future tax refunds will be paid in GM stock.
The gift that keeps giving.
This should be on the list of top 5 things to do in January, with the next Congress: give both car companies back to their rightful investors.
see my post above
extremely unlikely
no way do I see a veto-proof congress in 2011
That would still be better than getting a GM vehicle for a refund.
HAHAHAHAHAHAHAHAHA!
HAHAHAHAHAHAHAHAHA! Remember the Mustang Ranch in Nevada that was behind in it’s taxes. The government took it over and tried to run a house of prostitution. It went BK. The dipsticks couldn’t even run a whore house!
Ah !
Think the UAW will mind if the Chicoms tell them they`re being transfered to Guangzhou
The ChiComs want nothing to do with the UAW, but GM does have some superb powertrain technology.
My understanding is that New GM hasn’t gone public, and that the IPO has been deliberately scheduled for sometime after the general election.
Because it’s going to be a fiasco for King Hussein and his administration when the public sees that they’ve been ripped off yet again to benefit the UAW.
Well. There’s more where that came from. sd
Just d@mn!
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