Maybe they could quit making Volts right now. Today.
And only lose 9 Billion.
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 ...
Their goal was to save the union.
Great going guys! I sure as hell you all bought some of the GM stock at its high point...
but it was worth it for the unions to support Obama
It is so easy to spend/lose someone else’s money or money that one borrows.
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.
Maybe they could quit making Volts right now. Today.
And only lose 9 Billion.
Wait. Before the election Obama was saying it was all paid back. He lied? I’m shocked.
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
The goal was to save democrat votes.
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.
"Analysts" admit the boycott has worked?
Ten billion here, ten billion there, pretty soon we’re talking big money.
Their goal was to save the union.
Exactly, and look at the bonus they are giving the union out of the pockets of taxpayers.
“Our goal was never to make a profit,”
The government doesn’t know how to make a profit!
You are right, he campaigned that Osama was dead and GM alive..to the whoops of union goons I think it was in Cleveland..
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