Posted on 04/19/2011 12:58:27 PM PDT by library user
~ EXCERPT ~
The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker's stock, people familiar with the matter said.
A sale within the next several months would almost certainly mean U.S. taxpayers will take a loss on their $50 billion rescue of the Detroit auto maker in 2009.
To break even, the U.S. Treasury would need to sell its remaining stake—about 500 million shares—at $53 apiece. GM closed off 27 cents a share at $29.97 in 4 p.m. trading Monday on the New York Stock Exchange, hitting a new low since its $33-a-share November initial public offering.
(Excerpt) Read more at online.wsj.com ...
Thank you, King Hussein.
Why not at least try and wait to see the price go up?
Or - do they have information suggesting it will just keep falling?
Wouldn’t want to be a bag-holder with this dog...
This news is guaranteed to bring the price down, down, down.
It’s going to keep falling IMO. They’re trying to dump it before it gets to $25/share or lower.
Exploding Volt Ping...
23.00 Share Delta X 500,000,000 shares = 11,500,000,000.00 loss for the American taxpayer.
Unbelievable.
Hey Zero; how about letting us taxpayers claim a capital loss on our 2011 tax return? In lieu of that, I will take a 2011 Corvette ZR-1.
If I had to guess, with the elections coming up there is no hiding the fact the Federal Reserve’s balance sheet has ballooned from less that a Trillion to over 2.5 Trillion under Obama. They are willing to hand a big loss to taxpayers in order to get these assets of the Fed's balance sheet.
GM Bondholders? Big Losers
Taxpayers? Big Losers
Unions? Big Winners (handed major ownership stake)
FUBO
It’s too depressing to conteplate. And the media is silent. The Obama administration should be run over by the main stream media bus for this one but will we hear outrage from the rooftops on the wasting of tens of billions of taxpayer dollars? of course not.
There’s just no more emotion for me to spend on this stuff. It’s always like this and nothing is ever done right by the dems. Just enough. We’re fed up.
“GM Bondholders? Big Losers”
Current stock was only a tool for speculators anyway. To me GM bondholders were in the same category as “Air America Radio” creditors. You get what you pay for.
As most FReepers agreed at the time he pulled this sh-t we the people were/are being flipped the wee birdie as he pays off his Union pals, the Dem base.
The sooner the central government unloads its entire stake in GM, the sooner the marketplace will be allowed to relegate GM to the dustbin of history.
Zero can add this to his list of failures. Another campaign point for the GOP to use on the campaign trail.... if they can bring themselves to go negative.
We’re losing $24 A Share on this.
Obamunism in action-YOU GET HOSED, the Union and Democrat cronies get the money, the original bondholders get thieved from, and you get the bill.
CLASSIC FASCISM IN ACTION, yet NOBODY in the media dares to call it that.
I doubt he sees the successful transfer of billions of dollars and a car manufacturer to the UAW as a failure.
Just what I was thinking, everything he touches turns to crap.
When the government sells this stake will they do what they do with contractors and give “minorities” a 5-10% advantage??
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