Govt still has shares of GM
by James Denison - 2/24/13 11:07 AM
In Reply to: No, that's something you attribute to him, not a fact in by Ziks511
Is it too hard for you to just check the facts first? This is from Dec 2012, just 2+ months ago. Also note the sales are for a loss to the govt. Who is surprised by this? Seemingly, you are.
"The U.S. government plans to sell 40% of its General Motors stock within weeks and to sell the rest of its shares within 12 to 15 months, officials announced this morning.
The plan the U.S. announced today to sell its remaining 500 million shares of General Motors virtually guarantees a substantial taxpayer loss on the $49.5 billion bailout.
The Treasury Department today said that it will sell all its stock in GM within 12 to 15 months and sell 40% of its stake within weeks, starting with a $5.5 billion deal for GM to buy back 200 million of its shares as soon as next month at $27.50 per share.
The government would have needed about $53 per share for its 26% stake to break even on the bailout. The deal negotiated with GM for the 200 million shares will cut the U.S. stake to 19% but raise the price needed to break even on the remaining 300 million government shares to nearly $70."