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06-02-2011, 07:34 AM
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#16
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Registered User
Join Date: Oct 2003
Location: Bethany CT
Posts: 2,885
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The U.S. sold almost half of its stake in the nation’s largest automaker for $33 a share -- about $10 less than it needs to break even. The remaining shares will need to sell for about $20 higher to make up the difference. GM opened at $35 and stayed within $1.11 of that price all day. Selling the remaining shares at that price would produce a loss of about $9 billion.
That may go down as a bargain. The U.S. would have lost $28.6 billion in spending on social services and missing tax revenue if not for the bailout of GM, its former lending arm and Chrysler Group LLC, according to a study released Nov. 17 by the Center for Automotive Research in Ann Arbor, Michigan.
GM Bailout Losses Worthwhile for Obama as IPO Shrinks Cost to $9 Billion - Bloomberg |
No, no, no. we’re 30… 30, three zero.
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