Obama Scewed You out of Billions

[Nova78]

GM to buy back 200M shares as part of gov't exit | Comcast

GM said Wednesday it will spend $5.5 billion to buy back 200 million shares from the Treasury by the end of this year. The government, in turn, plans to sell its remaining stake of 300 million shares on the open market over the next 12 to 15 months.

GM will pay $27.50 for each share, about an 8 percent premium over Tuesday's closing price of $25.49. The shares shot up about 7 percent to $27.30 in Wednesday morning trading.

The government is almost certain to lose billions on the $49.5 billion bailout that saved GM from being auctioned off in pieces during the financial crisis in 2008 and 2009. The Treasury says it will have recouped about $28.7 billion after GM completes its buyback. So, to break even, Treasury would have to sell the remaining 300 million shares for average of about $70 each.


All you have to be is a fuck-up to get a Nobel peace prize and your face on the cover of time magazine...

 

[Oldguy]

I don't see how we can lose money since GM stock was selling for about $1 a share at the time the government bought a controlling interest in it.

 

[WillowTree]

I don't see how we can lose money since GM stock was selling for about $1 a share at the time the government bought a controlling interest in it.

Seven billion is what the American Taxpayer will lose. We will never get it back, buy Toyota.

 

[occupied]

We uselessly spend billions and billions keeping the defense industry flush with cash, not sure why this is an issue. We still have an American auto industry, that has to worth something.

 

[WillowTree]

We uselessly spend billions and billions keeping the defense industry flush with cash, not sure why this is an issue. We still have an American auto industry, that has to worth something.

you were lied to and taken advantage of,, deal with it.

 

[g5000]

I don't see how we can lose money since GM stock was selling for about $1 a share at the time the government bought a controlling interest in it.

You seem to think the government bought all its shares at a dollar a pop. You really weren't paying attention to how the bailout worked, were you.

.

 

[asaratis]

I don't see how we can lose money since GM stock was selling for about $1 a share at the time the government bought a controlling interest in it.

You seem to think the government bought all its shares at a dollar a pop. You really weren't paying attention to how the bailout worked, were you.

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The bailout worked for Obama by allowing him to give GM stock to the union goons instead of paying off the preferred creditors as was supposed to have happened under US bankruptcy laws.

Obama said, "Fuck the law!...I'm givin' this money to the unions!"


That's how it "worked"!

Obama is against the law!