General Motors pushing U.S. to sell stake

[grunt11b]

General Motors pushing U.S. to sell stake: report - MarketWatch


The Treasury Department is resisting General Motors' push to for the government to sell off its stake in the auto maker, The Wall Street Journal reports. Following a $50 billion bailout in 2009, the U.S. taxpayers now own almost 27% of the company. But the newspaper said GM executives are now chafing at that, saying it hurts the company's reputation and its ability to attract top talent due to pay restrictions. Earlier this year, GM /quotes/zigman/1466682/quotes/nls/gm GM -1.28% presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering. But officials at the Treasury Department were not interested as selling now would lead to a multibillion dollar loss for the government, the newspaper noted.

Somehow I doubt the Union members/Boss's of the UAW would push the government to sell it's stake in the company. To the Union Boss's having big brother involved means guaranteed income.

 

[grunt11b]

GM is just like every other corporation, in that their executives want to pay themselves ridiculous sums of money that they are not worth. No surprises there.

The government will sell the shares when the stock reaches a level that ensures a break-even or a profit. Not before.

And that, folks, is the government doing right by it's citizens, not by it's corporate chieftains.

So stepping outside of constitutional authority and taking over a private run industry is doing right by the citizens?
That's news to me.

 

[grunt11b]

Anyone else notice the part that said the government would LOSE money selling????? I thought GM was recovered and PAID back what they owed???? I am guessing not.

If the government sold a bunch of it's shares at the same time, the price would drop, hurting millions of investors.

Wall Street 101, dope.

Just think, if the company would have been allowed to just file banruptcy in the first place it would be up and running still and be healthy again. But no.....those Union's just had to keep that darned old unsustainable master agreement, which is why the gubment bailed them out to begin with, so the unions could keep the perks. GM will fail again in the near future....and hopefully we have someone in office that lets them fail.

 

[ScreamingEagle]

why doesn't GM use the profits they are making OVERSEAS to pay off their debt......?

 

[Mac1958]

.

And hopefully GM will shake loose some coin to pay back all those bondholders the government fucked over when it executed its union payoff.

Just kidding, that ain't gonna happen.

.

 

[Avorysuds]

GM is just like every other corporation, in that their executives want to pay themselves ridiculous sums of money that they are not worth. No surprises there.

The government will sell the shares when the stock reaches a level that ensures a break-even or a profit. Not before.

And that, folks, is the government doing right by it's citizens, not by it's corporate chieftains.

The Government doing right would have been not to give billions to Unions and rich people in the first place......................

 

[Synthaholic]

Anyone else notice the part that said the government would LOSE money selling????? I thought GM was recovered and PAID back what they owed???? I am guessing not.

If the government sold a bunch of it's shares at the same time, the price would drop, hurting millions of investors.

Wall Street 101, dope.

What bullshit......200 million shares sold to the company would not be shown and far more then 300 million shares are sold of GM everyweek.

If 500 million shares is 27% of the company, than 200 million shares is a sizable chunk that can affect the market.

What did President Clinton say? Oh, yeah: arithmetic.

 

[thanatos144]

If the government sold a bunch of it's shares at the same time, the price would drop, hurting millions of investors.

Wall Street 101, dope.

What bullshit......200 million shares sold to the company would not be shown and far more then 300 million shares are sold of GM everyweek.

If 500 million shares is 27% of the company, than 200 million shares is a sizable chunk that can affect the market.

What did President Clinton say? Oh, yeah: arithmetic.

You truly are stupid.....27% is not the whole company....No wonder progressives tank countries they are to fucking stupid to understand trade.