Much sooner than expect GM successfully floated it's initial public stock offering. The planned offering price of $29 a share was raised to $33 due to public demand. The stock closed up on it's first day of trading.
"American taxpayers are now positioned to recover more than my administration invested in GM, and that's a good thing," Obama said, speaking of the government's $50 billion taxpayer-backed rescue of the venerable automaker. This public offering should reduce government ownership of GM stock by nearly a half. Full payoff is expected to come in about 5 yrs.
Since the bailout GM has racked up 3 billion in profits. GM states that they have significantly reduced their production cost increasing the profit margin.
The Center for Automotive Research estimated that aid to GM and Chrysler saved more than 1.1 million jobs in 2009 and 314,000 jobs this year.
I suspect that the GM bailout will not be a campaign issue in the upcoming presidential election.
Obama: GM stock sale a success for his policy - Yahoo! News
GM stock price up 3.6 percent on first day: five questions about the IPO - CSMonitor.com
"American taxpayers are now positioned to recover more than my administration invested in GM, and that's a good thing," Obama said, speaking of the government's $50 billion taxpayer-backed rescue of the venerable automaker. This public offering should reduce government ownership of GM stock by nearly a half. Full payoff is expected to come in about 5 yrs.
Since the bailout GM has racked up 3 billion in profits. GM states that they have significantly reduced their production cost increasing the profit margin.
The Center for Automotive Research estimated that aid to GM and Chrysler saved more than 1.1 million jobs in 2009 and 314,000 jobs this year.
I suspect that the GM bailout will not be a campaign issue in the upcoming presidential election.
Obama: GM stock sale a success for his policy - Yahoo! News
GM stock price up 3.6 percent on first day: five questions about the IPO - CSMonitor.com