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| Economy |
| US government sells its last shares of General Motors; taxpayers on hook for $10 billion |
| 2013-12-10 |
| The US government sold its last shares of General Motors Co on Monday, leaving taxpayers saddled with a total shortfall of about $10 billion on the automaker's 2009 bailout. "With the final sale of GM stock, this important chapter in our nation's history is now closed," Treasury Secretary Jack Lew said. The government's exit could benefit GM in several respects. The company has carried a certain stigma since taking $49.5 billion in government money four years ago. "They can finally put 'Government Motors' in the rear view mirror, and that's an important step for consumers and for the company," said Matthew Stover, an auto analyst at Guggenheim Securities. |
| Posted by:Pappy |
| #6 All the while raiding the treasury ("spreading the wealth") to line their pockets while they are crushing the U.S. system. |
| Posted by: Guillibaldo McCoy1948 2013-12-10 08:51 |
| #5 The Socialist Soviet Union collapsed under the unbearable weight of debt. The socialists who have now taken power of the U.S. are returning the favor. |
| Posted by: Guillibaldo McCoy1948 2013-12-10 08:49 |
| #4 That means the U.S. government is into the taxpayer's knickers for another $10B. More debt piled onto the kids and grandkids and a lowered quality of life for them. I sense a revolt in the future. |
| Posted by: JohnQC 2013-12-10 08:14 |
| #3 One more example of transferring taxpayer money to connected corporate and UNION interests. FIFY |
| Posted by: Procopius2k 2013-12-10 07:50 |
| #2 One more example of transferring taxpayer money to connected corporate interests. A creative alternative to bloated contracts and grants. |
| Posted by: Glenmore 2013-12-10 07:33 |
| #1 Brilliant move indeed. General Motors annualized annual returns since 2009 (date of gov' loan as I recall) is now over 18%. Selling more cars and trucks each year since the loan. The major firms all have them at a "HOLD". Selling a climbing winner, when you're still south of purchase price....always a winning move. I suppose they figure they'll soon need the dough to support their lovely healthcare experiment. |
| Posted by: Besoeker 2013-12-10 06:50 |