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General Motors wants out of Government - Obama says NO

 
DoorBert
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09/18/2012 07:04 AM
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General Motors wants out of Government - Obama says NO
The Treasury Department is resisting General Motors' push for the government to sell off its stake in the automobile 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 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.

[link to www.marketwatch.com]
DoorBert (OP)

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09/18/2012 07:11 AM
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Re: General Motors wants out of Government - Obama says NO
GM ready to end U.S. investment, but government isn't

The U.S. Treasury, however, is in no rush to sell its shares, as it would lose about $15 billion on its investment at current share prices. Shares in GM closed at $24.14 Friday. Prices need to hit $53 a share for the U.S. to break even, but Treasury would consider selling if prices reach the $30s, according to the Journal.

[link to www.bizjournals.com]