Skip to comments.Government sells more GM shares, cuts stake to 7 percent
Posted on 09/26/2013 8:10:11 AM PDT by 11th_VAEdited on 09/26/2013 9:47:19 AM PDT by Admin Moderator. [history]
NEW YORK - The U.S. government is starting another phase of selling off its General Motors stock after cutting its stake in the automaker to just over 7 percent.
The Treasury Department says it still owns 101.3 million GM shares. It got 912 million shares, a 60.8 percent stake in the company, in exchange for a $49.5 billion bailout of GM in 2009. So far taxpayers have recovered about $35.4 billion. That means they're still around $14.1 billion in the hole.
(Excerpt) Read more at thedenverchannel.com ...
What difference does it make (sarcasm)
Which is one of N reasons (where N is a large number) why I will NEVER purchase a GM product.
So taxpayers are likely to lose around $10 billion
Well that’s a relief. Only $10 billion. Lets all celebrate the wisdom of our leaders in government. /sarc
The media just got done reporting that we had all our money paid back.
Hey. No problem. As long as those donors are happy
At least the politically connected but legally irrelevant Unions won out.
Legally secured bond holders, not so much.
truth is an inconvenient thing that must be rationalized away, for the liberals.
And JoeTaxpayer Takes It Up The Tailpipe, *Nod to BigLib JimCarrey ;)
I remember reading articles that said that, and with an annoying tone to boot:
“Now don’t you naysayers feel silly saying the taxpayers would take a bath.”
Let’s get back to the “Affordable Care Act” ..... those of us who pay (rather than take) are going to take a bath.
That's 5 years of free Obamphones!...................
They’re doing this to raise cash. Just like any broke household.
IOW ten billion in taxpayer dollars went to fund union pensions, unions that played a big role in taking the company down in the first place.
And getting Obama re-selected.
A deal too big to succeed. At a time when the stock market was returning substantial gains, the government “investment” of taxpayer money yields a 20% loss.
Even if the government stake drops to zero, I am still boycotting GM forever. The government corruption was just an extra bonus. It was the corruption of the bankruptcy that offended me. They violated bankruptcy law, common law, and contract law, and I will never under any circumstances buy or rent a GM product for as long as I live.
I make a point to non-UAW made cars.
Well, it’s sundown on the union And what’s made in the USA Sure was a good idea ‘Til greed got in the way.
Can we kill the Volt yet?
Funny, the only American owned vehicle that is owned by us is my ‘99 Jeep Cherokee, that is it ! The rest is two Toyota pickups and my ‘06 Subaru WRX Turbo. When the Toyota pickup gets replaced, will go with the Jeep Wrangler, probably an older one where the headlamps can be changed to the Hellas E-spec lights.