Your Money At Work: Taxpayers Could Suffer $11 Billion LOSS On Sale Of GM Shares

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.

2011 New York Auto Show Photo Gallery

New York Auto Show Preview Photo Gallery

2012 Audi A7 USA Model Photo Gallery

Lexus LF-Gh Concept Photo Gallery

2012 Audi Q3 Photo Gallery

AutoSpies.com Photo Galleries

If you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.com

Share on Facebook

Read Article

SharkPhi - 4/21/2011 10:59:58 AM

+1 Boost

...adding insult to injury...(insert some political comment likely to be deboosted the rest of the day)...

internationalmanofmystery - 4/21/2011 12:03:05 PM

-3 Boost

See below! Done!!

internationalmanofmystery - 4/21/2011 11:59:51 AM

-4 Boost

"Taxpayers Could Suffer $11 Billion LOSS On Sale Of GM Shares"

SO??? Taxpayers are powerless!! Can ANY do ANYTHING about this?? Move on!!

internationalmanofmystery - 4/21/2011 12:04:08 PM

-5 Boost

Only suckers pay taxes!!

Steve - 4/21/2011 12:06:20 PM

+5 Boost

Does anyone remember when the administration bailed on their GM stock a few months ago, and essentially declared they are taking their losses now? In retrospect, smart move, because they cut their losses.

In my opinion, it's a bad idea to rescue a company that can't make a profit, and is billions of dollars in debt. By doing so, we simply take the company's debt and losses, and transfer them to the tax-payer. Not good.

Lastly, we can't please everybody. The government got you into deeper debt (PS: We'll be paying more taxes to cover the principle+interest payments on this debt), but at least they "saved" a lot of jobs... in a company and sector that seems to keep struggling to make a proft. And so we bitch about that. Alternatively, they could have saved billions and billions of dollars, allowed a one-time hit to our culture in which the economy would eventually readjust to something else, but people would bitch about that, then. Hint: Where are all the unemployed buggy makers, harness makers, wheelwrights, buggy-whip makers, horse groomers, horse-feed suppliers, etc?

Guru Steve says: You can't win, if you're The Government.

Steve - 4/21/2011 4:59:30 PM

+4 Boost

+1, but hey, that's *my* line ;-)

truckman - 4/22/2011 5:46:57 AM

+2 Boost

I must agree.

truckman - 4/21/2011 5:36:36 PM

+4 Boost

How many Billion are going to the executives that do nothing but play politics that do not improve the brand at all, they should all be paid what the blue collar workers are getting until they can turn a profit.

truckman - 4/22/2011 2:15:31 PM

+2 Boost

Again we agree on something,lol