Obama Rushing to Sell Remaining Shares of Government Motors, Locking in $50 Billion Loss for US Taxpayers…
Another epic failure.
(WSJ) — The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker’s stock, people familiar with the matter said.
A sale within the next several months would almost certainly mean U.S. taxpayers will take a loss on their $50 billion rescue of the Detroit auto maker in 2009.
To break even, the U.S. Treasury would need to sell its remaining stake — about 500 million shares — at $53 apiece. GM closed off 27 cents a share at $29.97 in 4 p.m. trading Monday on the New York Stock Exchange, hitting a new low since its $33-a-share November initial public offering.
“Planning for the sale of our remaining GM stock is still at an early stage, and the IPO lock-up does not expire until late May,” a Treasury spokesperson said. “At that point, we will consider all of our options, based on our twin goals of protecting taxpayers’ interests and exiting as soon as practicable.”
Posted by ZIP on Wednesday, April 20, 2011, at 10:48 am | 
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Winning!
Smartest Administration Evah…….! Way to go Jimmy…..er…….Barack. I cannot keep those two straight.
“To break even, the U.S. Treasury would need to sell its remaining stake—about 500 million shares—at $53 apiece. GM closed off 27 cents a share at $29.97 in 4 p.m. trading Monday”
Obama is one heck of an investor. This deal was much better than the stimulus though.
Meanwhile, the much ballyhooed Volts are catching on fire…
He sees the writing on the wall and needs revenue for the rest of his underground repirations initative before the election gets here.
So let me see if I got this straight. The Democrats screamed bloody murder a few years ago when some of us wanted to take control of our Social Security and voluntarily put our contributions into the stock market. Yet they have no problem with stealing our tax money and putting it into stocks only to yank it out without any profit?
By making their intentions public so early, they are hurting the stock price and screwing themselves (us) on the sell. They’re either morons or they think the price is about to tank big time. Then again, they may have some friends that stand to make big bucks on the short.
No kidding, the stock has to be above $53 per share to break even and this ass clown is considering selling it at $30?
Prediction:
Stock is sold at $30 to get out of it, banking on short memory of voters.
Therefore, Government Motors (aka GM), goes “tits up” in 2012, and Obama isn’t left holding the bag.
As if we all (most zippers), didn’t see this coming!! Then we all know the next step, barry flying around the world (on our dime) saying “I,I,I,me,me,me, is such a great investor, blha,blha,blha”! Vote for me, saved or created jobs,jobs,jobs,green,green,green, technology!
One of the many reasons math constipated people (lawyers) should NEVER be let near the money er credit!!!
Epic Fail!!
NEVER AGAIN TO ANY GM PRODUCT!!!!!!!!!!
On the other hand, since the government owns GM, maybe they will inform GM the stock price they are selling at. If you own GM, I’d dump it now!
This is the problem with the phrase, “TOO BIG TO FAIL.”
It has no relationship with reality.
Mission accomplished. The money from the taxpayers was used to bail out GM which was just a round about way of getting huge sums to the UAW which will now in turn funnel vast rivers of cash to Obuttma’s re-election campaign and the commiecrat party. Now it’s time to for Obuttma to cut ties with GM since it no longer serves any useful purpose and is a PR drag on our First Communist in Chief because it is a company that will shortly go out of business and produces third world cars like the Dolt. That’s why they are dumping the stock.
So the bottom line is whether we like it or not we, the taxpayers, are main contributors to Obuttma’s bid to be re-elected in 2012 and as icing on the cake we are also contributing to the re-election of people like Peolosi, Reed, Wasserman Shitz, et. all. All via the bail out money to the union.
Don’t you just love our representative government.
Getting out before the stock market crashes a la 1929..
Love the caption, Zip. Epic Failure indeed.
Absolutely Zip!
Time for GM and Obama to go bye bye.
So the folks that bought the new Government Motors stock are gonna get screwed like the folks that had the old General Motors stock, huh?
Now who woulda guessed that? 
New GM model- The Dolt. It runs on B.S.
@Junius
thanks for that .
really /
>:-/
seriously…has there ever been a bigger moosh than Barry? he makes the guy from “A Bronx Tale” look like the King Midas. Or he looks like William Macy from “The Cooler” before he gets laid.
Barry is the reverse King Midas…everything he touches turns to a big pile of crap.
this is a sad commentary on our society.
But didn’t eminent economist “Brain dead” Ed Schultz say the GM bailout is working?
http://crooksandliars.com/john-amato/ed-schultz-blasts-hugh-hewitts-boycott
Man, how I pray Special Ed is holding a crap-load of GM stock!
Bwaaaahhhhhaaaaaaahhhhhhaaaaaaaaaaaaaaaaaaaaaaa!!!!!!!!!!!!!
Screwed by his own messiah!!
Bwwwwwaaaaaaahaaaaaaaaahhhhhaaaaaaaaaahhhhhhaaaaaaaa!!!!!
RTS
GM vehicles are the new Edsels.
WTG Barry…. you`re not even a convincing car salesman.
Worst.President.Ever.
Earning money is your problem…. not his, or his union friends.
Buy high, sell low. And today being 4/20, I think I can safely say that the people who decided to do this, definitely are/were.
Did obammy sell government motors to China yet?
Honestly, would you guys stop calling whoever that guy is Barry. His name is barry, not Barry. Barry shows respect he has not earned.
I also really like aka Obama. I don’t remember which one of you came up with that one, but aka Obama is priceless. Thanks.
On another note, when barry sells the GM stock he is going to pay back the senior citizen investors who were Bond/First Lien holders and WHO SHOULD HAVE BEEN PAID BACK IN FULL DURING THE BANKRUPTCY PER FEDERAL BANKRUPTCY LAW, isn’t he? So far he has paid them back 10 cents on the dollar. And barry says that Republicans hate seniors. What a fraud, barry aka obama.
Why not? It doesn’t cost him anything to spend $50 billion of our money. Not like it’s coming out of his pocket or anything. What’s more important? Spending taxpayer money or distancing one’s self from potential political fallout over being too “chummy” with GM? There is always more money where that came from; he has big plans to raise taxes to ensure that.
@S. Wolf: That might be the motivation if it were you or I who had stock in GM. But the government? They are under no pressure to sell, particularly at a loss. Even if the market tanks – you haven’t actually “lost” anything unless you sell at a loss. The government could hold that stock for 50 years if it wanted to.
No, this is purely political. I think Junius probably has it right. And of course, by dumping the stock, particularly all at once, this has had the added effect of sending GM’s stock price down even further, as it is a signal of a “loss of confidence” in the stock by the Governemnt to the market. Nice. But what do you expect from a guy who has no understanding of how capitalist markets actually work, and who could care less about the effect it has anyway?
I….er…I..I…aaaand….uuhhhh….potholes and infrastructure
Gee, I guess this means Obama Motors becomes Soros Motors and I can buy my gas from Sorospetrobras Oil Company?
“Too big to fail” is nothing more than a PR phrase to convince the American people that it was okay for our politicians to steal from its citizens so they can payoff the giant corporations who fund their campaigns, give them power, and possibly via other indirect means line their personal pockets.
GM should’ve been allowed to fail, as per capitalist principles. Investment Capitalists would have bought up the piecemeal and built brand new American car companies that could actually take on modern-day auto market competition.
We’ve woken up to the ruse… but Timothy Geithner is asking for more money to hand out to his friends… and our federal-level politicians are likely to hand it over to him so they can keep their power… and money coming in from the multinational corporations.
I’m all for big business, but not so happy about corporate influence in American politics. The constitution says “We the People” not “We the Corporations.”