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Treasury announces GM exit strategy;
automaker buying 200 million shares
from US.

Detroit News, by David Shepardson

Original Article

Posted By:schnapps, 12/19/2012 7:36:38 PM

Washington — The Obama administration said Wednesday it will sell 200 million shares — or 40 percent of its remaining stake in General Motors Co. — back to the automaker and announced plans to completely exit the Detroit automaker by March 2014. The Detroit automaker said it will purchase 200 million shares of GM stock held by Treasury for $5.5 billion — or $27.50 per share — nearly $2 above the stock´s closing price on Tuesday. GM shares jumped sharply on the news and were up 7.5 percent to $27.36, or $1.90, early afternoon in very heavy trading.

Comments:
You have to get near the end to find out that taxpayers can expect to lose $24.3 billion on the $85 billion auto bailout.

      


Post Reply  

Reply 1 - Posted by: Passion, 12/19/2012 7:40:19 PM     (No. 9075185)

Our nation´s wealth is being systematically stolen from individuals and given to unions and government workers. This is just part of the plan, 25 billion given to the union thuggery.

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Reply 2 - Posted by: jimboendaatl, 12/19/2012 7:50:10 PM     (No. 9075191)

Exit "Strategy"???

This more along the lines of "bend over America, this going to sting a bit."

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: uno, 12/19/2012 8:03:40 PM     (No. 9075205)

Union Buggery!

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Reply 4 - Posted by: Rabidrabbit1, 12/19/2012 8:09:33 PM     (No. 9075212)

I personally plan to help GM go out of business by never purchasing a vehicle from them. Vote with my feet. Shuffle on down the street to Ford.

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Reply 5 - Posted by: kanphil, 12/19/2012 8:12:47 PM     (No. 9075221)

They´ll be bankrupt again within five years.

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Reply 6 - Posted by: stablemoney, 12/19/2012 8:49:21 PM     (No. 9075286)

Do the people of this nation have any say in what happens? Does Obama do any d--- thing he pleases? Yes, he does. The GOP is going to get another party if they don´t get up and defend this country.

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Reply 7 - Posted by: Trigger2, 12/20/2012 4:25:09 AM     (No. 9075571)

My son-in-law only bought GM vehicles and dissed Ford vehicles all the time. But after the bailout, his next vehicle was a Ford. You couldn´t pay me to buy a GM vehicle. Never have; never will.

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Reply 8 - Posted by: Muguy, 12/20/2012 6:35:38 AM     (No. 9075654)

The strategy of "buy low and sell high" at work-- now the union controlled company is buying itself back at a fire sale price--the corporate ´devils´ have been taken down!!!

Now they can fund the libs with this scheme and it all looks "above board".

Why not lower the price of the cars and trucks to an affordable price so people could buy them into prosperity? Oh wait, the union workfarce can´t make them less expensive of they lose their jobs...

Clearly, a classic example of unions ruining things....

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