White House Praises Taxpayers $15 Billion Loss On Auto Bailout, “This Has Turned Out Far Better Than Anyone Could Have Dreamed Of”… Only in Obamaland is losing $15 billion a good thing. AN FYI FOR THE LOW INFORMATION VOTER WEARING THE "He Saved Our Jobs - UAW (United Auto Workers Union)" jacket... OUR TAXPAYER DOLLARS SAVED YOUR JOBS! OUR EXTORTIONIST IN CHIEF IS JUST TAKING THE CREDIT! The U.S. Treasury on Thursday filed its third pre-defined written trading plan as it moves to sell off its remaining 101.3 million shares of General Motors Co. stock it received as part of its $49.5 billion bailout. “Treasury will continue to wind down the taxpayer’s investment in GM, a critical part of the administration’s response to the financial crisis that prevented the collapse of the American auto industry and saved more than one million American jobs,” said Tim Massad, Treasury Assistant Secretary for Financial Stability. “The third trading plan will allow us to continue exiting the investment in accordance with our previously announced timetable while maximizing the taxpayer’s return.” [...] GM’s stock closed Wednesday at $37.18. At current trading prices, the government’s remaining stake is worth about $3.7 billion. From previous stock sales, the Treasury has recovered $35.4 billion of its GM bailout, and at current stock prices, taxpayers would lose about $10 billion on the bailout. The Treasury estimates taxpayers will have lost $15 billion on their $85 billion auto industry bailout, which also included aid to bankrupt Chrysler. Auburn Hills-based Chrysler has repaid its debt. weaselzippers.us/2013/09/27/white-house-praises-taxpayers-15-billion-loss-on-auto-bailout-this-has-turned-out-far-better-than-anyone-could-have-dreamed-of/
Posted on: Sat, 28 Sep 2013 06:21:45 +0000
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