Skip to comments.Treasury to Sell G.M. Stake Within 15 Months
Posted on 12/19/2012 6:30:10 AM PST by Brad from Tennessee
The Treasury Department said on Wednesday that it planned to sell off its entire stake in General Motors within 15 months, eliminating another reminder of the bailouts precipitated by the financial crash of 2008.
The news comes a week after the Obama administration completely sold off its entire stake in the American International Group, one of the most controversial rescues of the market crisis.
According to a plan outlined on Wednesday, the Treasury Department will sell a little less than half of its stake, or 200 million shares, back to General Motors for $5.5 billion by year end. The purchase price of $27.50 is about 8 percent higher than the car makers closing price on Tuesday. . .
(Excerpt) Read more at dealbook.nytimes.com ...
They’ll depress the share price down to zip.
And will GM then get another “retooling loan” for um, around $5.5 billion at the same time?
Inquiring minds etc.
To the Chinese?
15 months. That takes us to March 2014. Good time for Democrat candidates and the media to start telling us what a guy Obama is.
I think we bought it at $45
[And will GM then get another retooling loan for um, around $5.5 billion at the same time?]
I think once they are unshackled GM will move more of their manufacturing into Sunbelt states, Mexico and China. But it depends on who controls the company in the next few years. I heard this morning GM is sitting on a big glut of 2012 inventory.
I recall we paid around $54.00 a share. Can we (the owners) deduct this loss from our taxes?
Wouldn't surprise me. Lots of people like me who will never again buy a GM product
CAUTION CHILDREN AT PLAY
I heard this morning GM is sitting on a big glut of 2012 inventory.
Wouldn’t surprise me. Lots of people like me who will never again buy a GM product”””
The vast majority of sales of the Volt were made to the various governments.
Seems Indianapolis is going to switch it’s entire fleet over to electric vehicles.
I know for a fact that in Wisconsin—which has similar weather patterns—already has a problem when there is more than 4 inches of snow. The electric cars cannot handle the snow—not enough power—and run down in short order. Drivers literally abandon them in droves and the cars then block the streets which need to be plowed.
I have driven over a million miles in my lifetime, and I NEVER had to do that.....
Yes, up to a maximum of $3k/year. On the plus side, you’ll have this write-off for the rest of your natural life. Cheers!
The only Volts I have seen are the lone Volt on a nearby Chevy dealer lot and one owned by a major corporation in my area.