Obama to Sell GM Stock at Huge Loss to Taxpayers

Wasn’t the Obama administration supposed to make money back on a sale of GM stock? Or so Treasury Secretary Timothy Geithner and other administration officials suggested back in 2009. Now taxpayers learn that Mr. Obama wants out of GM and is willing to sell Washington’s stockholdings short – to the tune of an estimated $11 billion loss. That’s $11 billion in losses to taxpayers.

Why would Mr. Obama want to dump GMstock for a huge loss now? Why not hold GM stock until the government can at least recover taxpayers’ money? The answer is that GM stock prices may be heading south, not north, in the coming months. According to a Wall Street Journal report, Mr. Obama may have decided to get out of GM while the getting isn’t wholly disastrous.

Government officials are willing to take the loss because the Obama administration would like to sever its last ties to the auto maker, the people familiar with the matter said. A summer sale makes it more likely Treasury could sell all of its stake in GM by year’s end, avoiding a potentially controversial sale in the 2012 presidential election year.

http://visiontoamerica.org/21/obama-to- ... taxpayers/

Huge loss? What kind of kool aid are you drinking. At this rate in 20 years 11 billion will be minimum wage per hour.

neptune, since today is 4/20 that would be what are you smoking?

At this rate in 20 years 11 billion will be minimum wage per hour.

In that case please don't tell them what comes after Trillion.

I'm sure Odumbo wants to be the first to hit quadrillions in debt.

Why lock in a loss on the sale? If you hold onto GM through 2013, either you let the GOP take the hit or Obama can ignore it because he already won re-election.
Plus GM might make billions off the Volt when gas hits $8 a gallon on Barack's watch.

HEARTLESS wrote: neptune, since today is 4/20 that would be what are you smoking?

?

The government has inside information that the world's economic system is going to crash soon. Better people complaining about 20B today than a complete loss next week. They can buy again next week at the new basement post-crash price. If only they could short the stock. lol