Skip to comments.GM buys back stock; taxpayers may lose billions
Posted on 12/19/2012 12:54:28 PM PST by John W
General Motors will repurchase 200 million shares of its own stock currently held by the U.S. Treasury, with the White House announcing plans to sell off its remaining 300 million shares within the next 12 to 15 months.
The automaker will pay $27.50 for the shares it will acquire, a 7.9% premium over the $25.49 closing price on December 18, 2012 but that is also a sharp discount from the $33 price set during GMs initial public offering in November 2010. And it means taxpayers will lose billions on the sale.
(Excerpt) Read more at nbcnews.com ...
Osama is dead, GM is alive, the U.S. Taxpayer is screwed.
So glad we just bought a Ford. We told the salesman our reason - NO BAILOUT! He said he had many customers with the same idea.
And these figures do not include the billions lost in the bailout of GMAC...
Many people believe GM paid the US back because the media told them they did.
This is all about Unions.....
So let’s see: GM will pay $27.50 per share, but the government would need to get $70.00 per share to break even. Shrewd, really shrewd!....and yet millions of Americans think the government can efficiently run the nations’ health care system.
Huh. On the radio, it was described as "the government is getting out of the car business."
Why would the nice radio people lie to me?
After the election Obama Saves Detroit Part Deux...
I asked them if it was as dysfunctional as I remember in the mid-90's working for a tangent firm under their umbrella. They said it is worse, and in their entire career @ GM they noted they never seen a healthy environment. Said gnome will jump ship soon to a much sunnier island of which I cannot say. I cannot help but wonder if they are jumping ship before the defecate hits the rotary oscillator.
I can’t wait until the health care system goes bonkers and idiots that never give a crap about politics go “HUH?” when they can’t get the services, doctors, etc. they had before.
Don’t come crying to me! lol