General Motors pushing U.S. to sell stake: report [Obama says NO]

www.marketwatch.com ^ | 09-17-2012 | William Spain

[Red Badger]

CHICAGO (MarketWatch) -- The Treasury Department is resisting General Motors' push for the government to sell off its stake in the auto maker, The Wall Street Journal reports. Following a $50 billion bailout in 2009, the U.S. taxpayers now own almost 27% of the company. But the newspaper said GM executives are now chafing at that, saying it hurts the company's reputation and its ability to attract top talent due to pay restrictions. Earlier this year, GM GM -1.27% presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering. But officials at the Treasury Department were not interested as selling now would lead to a multibillion dollar loss for the government, the newspaper noted.

[Tony in Hawaii]

Actualy Charlie Wilson said “I always thought what was good for the country was good for General Motors and vice-versa”

[Marathoner]

Bailouts have consequences. I’ll never voluntarily give GM or Chrysler another dime now that Big Daddy Obama picked my pockets on their behalf.

What you said! My 07 Ford Taurus I bought last June is running just fine, thank you. Ford's the only domestic automaker I'll consider anymore.

[Las Vegas Dave]

Bookmarked...

[Haiku Guy]

Queen Borg... sigh...