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 ...
Put a huge tax on all GM vehicles to pay the money back to our coffers until the debt is paid.
Until the Unions kill the US auto industry again with their ridiculous demands.
Uncle Sam wouldn’t know how to make a profit with “free money” and slave labor.
Not in my lifetime. GM will always be government motors and Ally Bank will always be Government Motors Bank.
Doubt it is true.
What is the other hand doing?
Dear Leader needs a vehicle to slap his name, face, and authority behind.
Every time I see a "bowtie", this is what I'm actually reminded of ..........
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.
“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.
It’s all part of the plan to bring America to its knees.
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.
Just another mac daddy brilliant move.
How much did the union lose?
The true cost of the bailout goes far beyond the stock sales shortfall.
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
A car that has lasted around 20 years?
Ten billion loss is OK just so long as the unions didn’t get hurt.
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