US selling GM stock at a loss (Barack Obama, crimes, dollars)

[Roadking2003]

Thanks Mr Obama, for taking our hard earned tax dollars and giving them to GM so your union buddies (voters) can keep their cushy jobs.

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.

Government to shed GM stake, taxpayer loss likely

[HappyTexan]

I never thought we'd make a profit from that..didn't even think we'd break even.
That was quite obvious.

[rorqual]

So why were Romney and the GOP trying to take credit for the auto-industry recovery? As usual the GOP is shallow, clueless and willing to do whatever it takes and sit on both sides of an issue..

[Roadking2003]

Originally Posted by rorqual

So why were Romney and the GOP trying to take credit for the auto-industry recovery? As usual the GOP is shallow, clueless and willing to do whatever it takes and sit on both sides of an issue..

Off topic. Try to keep up.

[HappyTexan]

Originally Posted by rorqual

So why were Romney and the GOP trying to take credit for the auto-industry recovery? As usual the GOP is shallow, clueless and willing to do whatever it takes and sit on both sides of an issue..

What does that have to do with selling GM stock ?

[Swingblade]

What was sickening was the GM commercials saying they paid all the money back.

[hnsq]

Originally Posted by rorqual

So why were Romney and the GOP trying to take credit for the auto-industry recovery? As usual the GOP is shallow, clueless and willing to do whatever it takes and sit on both sides of an issue..

And you think Obama's campaign didn't obscure facts and take credit for things that never happened?

As usual, liberals are so clueless that they can be completely controlled by the democratic party.

[Frank DeForrest]

Auto bailouts, one of the great crimes of the century committed against the taxpayer

[AeroGuyDC]

Absolutely disgusting. I'd like to know how many liberals will come forthright and cheer this nauseating development? No doubt someone will come along and praise Barack Obama (while simultaneously ignoring GWB).

[HappyTexan]

Originally Posted by Swingblade

What was sickening was the GM commercials saying they paid all the money back.

Well they did. They borrowed from the government under a different program to pay back the loan that was the focus of media press. They just didn't tell you.

The banks did the same thing. They borrowed from other government programs to pay back TARP.