Skip to comments.Taxpayers Lost $9 Billion In GM Stock Offering
Posted on 11/19/2010 7:48:20 PM PST by La Lydia
US to take initial loss on first sale... The U.S. government is satisfied with pricing and the investor lineup in the General Motors Co [GM.UL] (GM.N) public offering, a senior Obama administration official said.
Ron Bloom, the administration's point man on auto restructuring, told Reuters Insider ahead of GM trading on Thursday that the government wants a fair return for taxpayers on its $50 billion investment, but also wants to "get out of this thing as soon as we can."
Treasury is reducing its stake in GM through the initial share sale from 61 percent to 37 percent at minimum. It could sell more shares initially to bring down taxpayer exposure to 33 percent, depending on whether an overallotment option is exercised.
Bloom said GM has done the right thing and pricing of $33 per share is a "fair deal" even though the partial sale represents a loss of roughly $9 billion on taxpayers' original investment...
(Excerpt) Read more at reuters.com ...
These people who lost $9 billion are fit to run the health care system?
I know die hard democrats who had invested in GM & their stock was confiscated. They are NOT democrats anymore!
But wait, yesterday he had a press conference saying how GM was a success! 0 spoke 0 lied.
Yeah, I really feel good about that! Everything they touch turns to guano.
Plus all the creditors who were screwed. I don’t feel sorry at all for your unprincipled Dem friends. They deluded themselves and as a result we have this government of jackasses.
Yea, but they saved or created over 700 million jobs in Detroit alone!
Nothing like a good wake up call with reality to convert a dem.
“Plus all the creditors who were screwed. I dont feel sorry at all for your unprincipled Dem friends. They deluded themselves and as a result we have this government of jackasses.”
Plus all the taxpayers that were also screwed, because, apparently, GM will not be paying taxes for decades into the future - kinda makes their stock seem to be more valuable.
? No, they're likely over qualified. They'll probably find bigger idiots to make the life and death decisions.
I guess I'm finally on the hope and change bandwagon.
I've never hoped more for change than I am now.
The China ba$$ turds bought 18% of Gov-mint motors with money sent to them to cover intrest on our loans from them.
In the next few days China will buy another batch. Soon Gov-mint motors will produce rikshaws and they will be the next “car of the year”
The money sent to China was stolen from the previous GM stockholders and use of tax funds sent to the Gov-mint by stupid tax payers like me.
Isn’t this new bozo “hope and change” a thing to behold?
Wow. That $9B from the taxpayers should keep the union flush for a few years.
Well, duh. You can't answer that yourself? Who helps you get dressed in the morning?
liberals sell this and hate the bank bail out...have some principles and hate both equally or not at all...!
I will never buy a GM product or a GM share of stock. To do so is to reward Obama’s thuggish socialism that kept GM (really GM union members) from suffering the fate it (they) deserved.
We lost $50,000,000,000 when the Dems bailed out the UAW to buy votes. That money is already gone, wasted, destroyed, pocketed by corrupt unions, and otherwise yet another debt passed on to our children in return for nothing of value. The GM stock offering isn’t another loss for the taxpayers. It’s just a loss for whomever the Obama Regime has pressured into making that foolish purchase and for those stupid enough to gamble on Obama playing fair with this new group of stockholders after he stiffed the previous stockholders and bondholders.