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U.S. plans to exit GM stake by year-end, may lose $10 billion
Yahoo News ^ | 21 Nov 2013

Posted on 11/21/2013 9:31:58 AM PST by mandaladon

WASHINGTON (Reuters) - The U.S. Treasury Department said it expected to sell its remaining shares of General Motors Co by the end of the year, a plan that may leave taxpayers with a shortfall of about $10 billion on the automaker's 2009 bailout.

Treasury on Thursday said it had completed the sale of 70.2 million shares of GM stock and to date had recouped $38.4 billion from the $49.5 billion taxpayer-funded rescue of the Detroit company.

At current prices, Treasury would recoup another $1.2 billion from its remaining stake, bringing its total recovery to $39.6 billion.

"Our goal was never to make a profit," said a Treasury official who requested anonymity. "It was to save the U.S. auto industry."

Treasury said the sale would take place by year-end, subject to market conditions and if average daily trading volumes continue at recent levels.

GM stock was up 3.2 percent at $38.90 in morning trading.

Analysts have said Treasury's exit from GM would lift the "Government Motors" stigma from the automaker, which would also be able to begin paying dividends for the first time since the restructured company returned to the market with an initial public offering three years ago.

Treasury's sale of the shares "could lead to the lifting of compensation limitations for GM's key executives," Buckingham Research analyst Joseph Amaturo said in a Thursday note to clients.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: aca; gm; governmentmotors; obama
"Our goal was never to make a profit," said a Treasury official who requested anonymity. "It was to save the U.S. auto industry."..................Corporate welfare to help win elections.
1 posted on 11/21/2013 9:31:58 AM PST by mandaladon
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To: mandaladon

Their goal was to save the union.


2 posted on 11/21/2013 9:33:23 AM PST by marron
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To: mandaladon

Great going guys! I sure as hell you all bought some of the GM stock at its high point...


3 posted on 11/21/2013 9:34:00 AM PST by Gaffer
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To: mandaladon

but it was worth it for the unions to support Obama


4 posted on 11/21/2013 9:34:43 AM PST by Farnsworth (Now playing in America: "Stupid is the new normal")
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To: mandaladon

It is so easy to spend/lose someone else’s money or money that one borrows.


5 posted on 11/21/2013 9:36:37 AM PST by Parmy
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To: mandaladon

Yes, but the union will still own the stock that Obama stole for them. Still will not buy a GM product, even a used one. . . don’t want to even buy a part from the thieving SOBs.


6 posted on 11/21/2013 9:37:18 AM PST by RatRipper (The political left are utterly evil and corrupt)
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To: mandaladon
10 Billion?

Maybe they could quit making Volts right now. Today.

And only lose 9 Billion.


7 posted on 11/21/2013 9:38:01 AM PST by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: mandaladon

Wait. Before the election Obama was saying it was all paid back. He lied? I’m shocked.


8 posted on 11/21/2013 9:39:53 AM PST by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
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To: marron
What percentage of the stock is in union hands?

Ya gotta admit, for a few tens of millions, tens of billions in ROI payback would be pretty sweet if it weren't for the smell of death and corruption!

HF

9 posted on 11/21/2013 9:40:08 AM PST by holden
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To: marron

The goal was to save democrat votes.


10 posted on 11/21/2013 9:40:55 AM PST by GOPJ (Mandatory death sentences for convicted gangbangers? YES..time to talk about the death option..)
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To: mandaladon

Most of that 10 billion? Went right to the Unions in the form of Preferred Stock purchases, stock that had been confiscated from legitimate shareholders by the Obama Bankruptcy proceedings.Redistribution of wealth. Thats what these liberal fascists are about.


11 posted on 11/21/2013 9:40:57 AM PST by Candor7 (Obama fascism article:(http://www.americanthinker.com/2009/05/barack_obama_the_quintessentia_1.html))
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To: mandaladon
Analysts have said Treasury's exit from GM would lift the "Government Motors" stigma from the automaker,

"Analysts" admit the boycott has worked?

12 posted on 11/21/2013 9:41:54 AM PST by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
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To: FReepers

Click The Pic To Donate

Support FR, Donate Monthly If You Can

13 posted on 11/21/2013 9:48:34 AM PST by DJ MacWoW (The Fed Gov is not one ring to rule them all)
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To: mandaladon

Ten billion here, ten billion there, pretty soon we’re talking big money.


14 posted on 11/21/2013 9:49:04 AM PST by Jim Robinson (Resistance to tyrants is obedience to God!!)
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To: mandaladon
I'll never buy an Government (owned/bailout) Motor Auto.

15 posted on 11/21/2013 9:51:53 AM PST by skinkinthegrass (who'll take tomorrow,$pend it all today;who can take your income & tax it all away..0'Blowfly can :-)
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To: mandaladon

Gee, they could give me $100 billion dollars. I promise to give back $90 billion dollars immediately and they’ll only lose $10 billion dollars on me, which I get to keep.

We can even put that in writing. Today.


16 posted on 11/21/2013 9:52:33 AM PST by F15Eagle (1Jn4:15;5:4-5,11-13;Mt27:50-54;Mk15:33-34;Jn3:17-18,6:69,11:25,14:6,20:31;Ro10:8-11;1Tm2:5-6;Ti3:4-7)
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To: hattend

~~~Wait. Before the election Obama was saying it was all paid back. He lied? I’m shocked.~~~

I’m sure it was more like “If you like your 10 Billion, you can keep your 10 billion”.


17 posted on 11/21/2013 9:53:53 AM PST by F15Eagle (1Jn4:15;5:4-5,11-13;Mt27:50-54;Mk15:33-34;Jn3:17-18,6:69,11:25,14:6,20:31;Ro10:8-11;1Tm2:5-6;Ti3:4-7)
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To: marron

Their goal was to save the union.

Exactly, and look at the bonus they are giving the union out of the pockets of taxpayers.


18 posted on 11/21/2013 9:54:49 AM PST by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: mandaladon

“Our goal was never to make a profit,”

The government doesn’t know how to make a profit!


19 posted on 11/21/2013 9:58:31 AM PST by Gamecock (If you like your constitution, you can keep your constitution. Period. (M.S.))
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To: hattend

You are right, he campaigned that Osama was dead and GM alive..to the whoops of union goons I think it was in Cleveland..


20 posted on 11/21/2013 10:06:05 AM PST by JoanneSD
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To: JoanneSD

Put a huge tax on all GM vehicles to pay the money back to our coffers until the debt is paid.


21 posted on 11/21/2013 10:10:07 AM PST by Progov
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To: marron

Until the Unions kill the US auto industry again with their ridiculous demands.


22 posted on 11/21/2013 10:17:00 AM PST by matt04
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To: mandaladon

Uncle Sam wouldn’t know how to make a profit with “free money” and slave labor.


23 posted on 11/21/2013 10:18:37 AM PST by Minutemen ("It's a Religion of Peace")
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To: mandaladon

24 posted on 11/21/2013 10:30:03 AM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole..)
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To: mandaladon
Analysts have said Treasury's exit from GM would lift the "Government Motors" stigma from the automaker,

Not in my lifetime. GM will always be government motors and Ally Bank will always be Government Motors Bank.

25 posted on 11/21/2013 10:31:30 AM PST by KarlInOhio (Everyone get online for Obamacare on 10/1. Overload the system and crash it hard!)
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To: mandaladon

Doubt it is true.
What is the other hand doing?
Dear Leader needs a vehicle to slap his name, face, and authority behind.


26 posted on 11/21/2013 10:35:44 AM PST by Darksheare (Try my coffee, first one's free..... Even robots will kill for it!)
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To: mandaladon

Every time I see a "bowtie", this is what I'm actually reminded of ..........

27 posted on 11/21/2013 10:45:14 AM PST by fishtank (The denial of original sin is the root of liberalism.)
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To: fishtank

LOL Caprice.
Those things are like cockroaches, they can’t be killed.
The ‘hood is full of them, half with the Maaco repaint in metallic green or purple and 22 inch rims. The other half worse than the pic you showed.


28 posted on 11/21/2013 10:50:36 AM PST by nascarnation (Wish everyone you see a "Gay Kwanzaa")
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To: mandaladon

“Our goal was never to make a profit,”

Of course not. You don’t worry about such frivolous things when you are using other people’s money.


29 posted on 11/21/2013 11:05:16 AM PST by headstamp 2 (What would Scooby do?)
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To: mandaladon

It’s all part of the plan to bring America to its knees.


30 posted on 11/21/2013 11:27:46 AM PST by bgill (This reply was mined before it was posted.)
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To: mandaladon

GM will ALWAYS be known as Government Motors in my world. I have been a lifelong GM purchaser - currently own two GM autos purchased prior to the theft - and will NEVER own another. The $10 billion loss is not a government loss but a ripoff of the American taxpayer. Obama is giving the unions $10 billion of our money...........Merry Christmas.


31 posted on 11/21/2013 11:53:11 AM PST by Dapper 26
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To: marron

Just another mac daddy brilliant move.


32 posted on 11/21/2013 11:59:03 AM PST by chiefqc
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To: marron

How much did the union lose?


33 posted on 11/21/2013 12:01:21 PM PST by duffee (NO poll tax, NO tax on firearms, ammunition or gun safes. NO gun free zones.)
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To: mandaladon
GM, as well as many TARP recipients, received a corporate tax waiver equal to their loan—$49.5 billion. So in reality GM still received a free $50 billion gift from the taxpayer. The Obama Administration also allowed GM to abandoned heavily polluted facilities and land. These properties were taken over by the federal court who oversaw an expensive decontamination process with no liability to GM.

The true cost of the bailout goes far beyond the stock sales shortfall.

34 posted on 11/21/2013 12:13:15 PM PST by Brad from Tennessee (A politician can't give you anything he hasn't first stolen from you.)
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To: mandaladon

How different is that from all the TV pundits that told us the government would recover it’s money, plus make BILLIONS off of this??

DOWN THE MEMORY HOLE


35 posted on 11/21/2013 12:14:19 PM PST by tcrlaf (Well, it is what the Sheeple voted for....)
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To: fishtank
Every time I see a "bowtie", this is what I'm actually reminded of ..........

A car that has lasted around 20 years?

36 posted on 11/21/2013 3:34:51 PM PST by TwelveOfTwenty (See my home page for some of my answers to the left's talking points.)
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To: mandaladon

Ten billion loss is OK just so long as the unions didn’t get hurt.


37 posted on 11/21/2013 5:11:28 PM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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