Remember when President Obama said that taxpayers would recoup the 'investment' in General Motors?
Well it looks like that ain't gonna happen!
Oh, and if you don't recall how Obama touted the bailout as being beneficial, here is what the uber-liberal Huffington Post reported:
Well it looks like that ain't gonna happen!
http://online.wsj.com/article/SB10001424052748703916004576271382418887092.html?mod=e2tw#
The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker's stock, people familiar with the matter said.
A sale within the next several months would almost certainly mean U.S. taxpayers will take a loss on their $50 billion rescue of the Detroit auto maker in 2009.
To break even, the U.S. Treasury would need to sell its remaining stake—about 500 million shares—at $53 apiece. GM closed off 27 cents a share at $29.97 in 4 p.m. trading Monday on the New York Stock Exchange, hitting a new low since its $33-a-share November initial public offering.
Oh, and if you don't recall how Obama touted the bailout as being beneficial, here is what the uber-liberal Huffington Post reported:
http://www.huffingtonpost.com/2010/11/18/obama-ipo-supports-govern_n_785677.html
President Barack Obama on Thursday celebrated the return of a reborn General Motors to the U.S. stock market, saying it shows some of the "tough decisions that we made" during the financial crisis were beginning to pay off.
"American taxpayers are now positioned to recover more than my administration invested in GM, and that's a good thing," Obama said.