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Taxpayers To Lose $10 Billion In Sale Of GM Stock

From the Detroit News:

Treasury, UAW health care trust to sell 50M shares of GM stock

By David Shepardson | June 5, 2013

The U.S. Treasury and United Auto Workers union, capitalizing on the automaker’s rising stock price, will sell a combined 50 million shares of General Motors stock today…

Stock analysts say the return to the S&P will prompt significant demand for GM shares. The stock has recently traded near its highest level since February 2011…

The UAW’s Workers Retiree Medical Benefits Trust, which holds about 14 percent of GM, will sell 20 million shares, and the U.S. Treasury will sell 30 million of its 241.7 million shares…

It’s nice to see this accurately spelled out for once. GM was given to the UAW’s pension fund.

In total, Treasury has recouped $30.6 billion. At current trading prices, Treasury would lose around $10 billion on its GM bailout…

Notice that this was buried in the 10th paragraph of the un-excerpted version of this article.

But, remember, we were promised GM would pay back all of its government loans. In fact, we have been told for years, and especially during the last campaign, that GM had already paid off all of their loans.

Still, what’s a $10 billion dollar lie among friends?

This article was posted by Steve on Thursday, June 6th, 2013. Comments are currently closed.

One Response to “Taxpayers To Lose $10 Billion In Sale Of GM Stock”

  1. GetBackJack says:

    Everett Dirksen – ” A billion here, a billion there, and pretty soon you’re talking real money.”

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