Gov’t Looking to Sell its GM Stock — A Potential Loss of Over $11 Billion
- Posted on April 19, 2011 at 9:44am by
Jonathon M. Seidl
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The U.S. government is currently biggest owner of General Motors stock. It was a condition of that company’s bailout in 2009. So when you hear that the government is looking at selling off all its stock, that may seem like a good thing. Until you read what the Wall Street Journal put out today. Mainly, that GM stock is currently at about $30 and in order for the government to break even it needs to sell its shares at about $53. And then you read that despite the over $11 billion loss that would ensue, the Obama administration might do it anyway this summer. Why? Because 2012 is an election year.
The WSJ explains:
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.”
Shares have been hurt by rising fuel prices, industry production disruptions and management turnover. At Monday’s price, and taking into account shares sold during the IPO, taxpayers would lose more than $11 billion on the rescue if the government dumped the rest of its stake now.
Government officials are willing to take the loss because the Obama administration would like to sever its last ties to the auto maker, the people familiar with the matter said. A summer sale makes it more likely Treasury could sell all of its stake in GM by year’s end, avoiding a potentially controversial sale in the 2012 presidential election year.
Government-owned industries fly in the face of conservative economics, for sure. And many conservatives would like nothing more than to see the “g” in GM once again mean “General.” But in this case, be careful what you wish for.
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Comments (187)
Sinista MACE
Posted on April 19, 2011 at 10:20amJFK Demanded Top Secret UFO Files 10 Days Before He Was Killed
UK Daily Mail
April 19, 2011
An uncovered letter written by John F Kennedy to the head of the CIA shows that the president demanded to be shown highly confidential documents about UFOs 10 days before his assassination.
The secret memo is one of two letters written by JFK asking for information about the paranormal on November 12 1963, which have been released by the CIA for the first time.
Author William Lester said the CIA released the documents to him under the Freedom of Information Act after he made a request while researching his new book ‘A Celebration of Freedom: JFK and the New Frontier.’
The president’s interest in UFOs shortly before his death is likely to fuel conspiracy theories about his assassination, according to AOL News.
Alien researchers say the latest documents, released to Mr Lester by the CIA, add weight to the suggestion that the president could have been shot to stop him discovering the truth about UFOs.
Report Post »Mustangrider
Posted on April 19, 2011 at 10:19amRising gas prices have hurt the industry? I thought GM was producing that magnificent answer to all our problems the “volt”, shouldn’t their shares have gone through the roof? we should be making money here but apparently not. If shares go up after the government gets out Its a pretty good indicator to everyone in doubt that this administration is the most inept ever.
Report Post »Hisemiester
Posted on April 19, 2011 at 10:19amHave you noticed how many General Motors cars/suvs/trucks are being used in TV shows and how many new GMs the government has bought.
Report Post »I will not buy a GM product. Reminds me of the Cars/trucks the Soviets were building when I was in the AF 50 years ago. I have a friend who bought a new 2011 Chev PU last year. It is already falling apart. Has had it in the shop more than she has driven it.
pajamagram
Posted on April 19, 2011 at 10:16amI don’t think the Chinese are stupid enough to buy it. There hasn‘t been a time in my lifetime that General Motors wasn’t a bad investment. Back in the sixties they were paying floor sweepers $17/hr.
Report Post »EqualJustice
Posted on April 19, 2011 at 10:16amAHH, more Federal Government efficiency using OUR money…
Report Post »Bluegill
Posted on April 19, 2011 at 10:13amI do think that ultimately this price in the $29 range is a buying opportunity.
Report Post »338lapua
Posted on April 19, 2011 at 10:47amIf you are also a bondholder, I would demand face value in common stock. I would NOT double down if you already lost money. In its present state,GM BARELY supports its share price. If the GOVT floods the market,the price may slip. Look for your buying opportunity then. (advice given here is not to be relied upon for anything other than yucks,no trades may be executed by leaving a message,have a nice day)
Report Post »Bluegill
Posted on April 19, 2011 at 11:00am338 agreed, I have not pulled the trigger on any shares and agree that I may have enough exposure to GM with my upcoming shares and warrants. I do think that the news of the Gov‘t dumping it’s shares is being priced in today but maybe not completely.
Report Post »tarbush
Posted on April 20, 2011 at 6:43amYou think they will offer it to the public? Most likely they will offer these shares to their ‘friends’. Bunch of anti-capitalist hypocrites.
Report Post »Bluegill
Posted on April 19, 2011 at 10:12amFYI, the gov’t STILL has not given the bondholders like me ANYTHING! Outrageous!
Report Post »5410amh
Posted on April 19, 2011 at 10:09amNo surprise here just the government losing more of our money.
Report Post »RED-DAWN
Posted on April 19, 2011 at 10:08amWell, when it wasn’t his money he used in the first place, why should he care how much of it is lost?
Report Post »thegreatcarnac
Posted on April 19, 2011 at 10:07amGovernment Motors is a failure. The auto industry needs to be tightened up. Union power must be lessened so the companies can run more efficiently and with less overhead. There should be more regulations on the industry in only one area…..quality. American vehicles should be the most reliable on earth and then they will thrive and be prosperous. Junk workers and junk cars started their decline. The fact that the unions and the government, (two failures), are running GM makes it worthless in the eyes of the public.
Report Post »psst
Posted on April 19, 2011 at 10:06amGee!! I’m surprised.
Report Post »ameriKa. A nation of 50% clowns, being goverened by a Marxist Moslem Pied Piper whose goal is/was always to lead them over the cliff
Two Party Scam
Posted on April 19, 2011 at 10:05amTen bucks says all these shares magically make it into the hands of communist china.
Report Post »felina g
Posted on April 19, 2011 at 10:09amAnd the losses are TWICE that. Smoke and mirrors.
Report Post »338lapua
Posted on April 19, 2011 at 10:40amTen bucks is what the share price will be as soon as they flood the market with shares!
Report Post »drago
Posted on April 19, 2011 at 3:39pmor in george soros’ back pocket.which i have said is who will get gm all along….
Report Post »NickDeringer
Posted on April 19, 2011 at 10:05amAll those who are surprised by this please run outside and scream “The Koran is a book of fiction” at the top of your lungs.
Report Post »libertybella58
Posted on April 19, 2011 at 10:03amAmericans should not be surprised by this. I saw it all along when our administration was doling out the bailout money to the auto industry. It was a sneaky way to gain control of the industry so they could auction it off to a foreign invester. Spreading the wealth. It was a set up. Wake up union members, your marxist leaders have sold you out.
Report Post »starman70
Posted on April 19, 2011 at 10:01amHELLO! This is just what we need. The government losing billions of our tax dollars and throwing it down a rat hole. Of course, had the government continued to operate GM, it would have gone the way of the Postal Service, Amtrack and a host of other government enterprises or agencies which have gone broke.
Report Post »RightUnite
Posted on April 19, 2011 at 10:35amYeah, throwing away millions of dollars will certainly buy him more votes, huh?? Not so much… What an idiot.
Report Post »Two Party Scam
Posted on April 19, 2011 at 10:01amWhever theres corruption, either be it in Politics, Finance or Big Oil….
Obama, Bush, Blair and their merry band of deceptive Harvard-Georgetown Jesuit ‘Freemasons’ are not far away
Report Post »RightUnite
Posted on April 19, 2011 at 9:59amWill still not induce me to buy a GM car or vote for the current idiot in the WH.
Report Post »bhelmet
Posted on April 19, 2011 at 9:57amOne step closer to collapsing the system.
Report Post »Gonzo
Posted on April 19, 2011 at 9:54amThey should force the Autoworkers Union to buy them at full price, since they are the ones that benefited from the bailout.
Report Post »starman70
Posted on April 19, 2011 at 10:12amYou KIDDETH us!!!! Obummer forcing a labor union to do something? There is about as much chance of that as BHO becoming the pilot of the first manned mission to Mars. Why would the Auto Workers Union waste their money on GM stock when they can use it to finance (or buy) Obama’s re-election. You union members, follow your leadership like blind sheep until America is totally bankrupt. Then you can work for China!
Report Post »Mustangrider
Posted on April 19, 2011 at 10:22amStarman: The O on manned mission to mars! I think you have something there.
Report Post »parmajohn
Posted on April 19, 2011 at 9:53amAnybody else suprised?The Goverment once again doing what they do best….losing/wasting OUR money……
Report Post »vennoye
Posted on April 19, 2011 at 10:33amWell, after all, it is not THEIR money, it is OURS…….we see everyday how they value our money!!!
Report Post »BIGJAYINPA
Posted on April 19, 2011 at 9:51amAnd this is the same Government that wants more of our money to “invest” for us. I don’t think that is such a good idea.
Report Post »TexasCommonSense
Posted on April 19, 2011 at 9:57amYeah, just like they “invested” the social security trust fund. If it were privatized from the beginning the politicians would have never been able to touch it.
Report Post »tinydd
Posted on April 19, 2011 at 10:59amAnd this is the same Govt that wants to run America’s health care system. My god, our life expectancy will drop to 40 yrs, but at least it will be cheaper.
Report Post »PA PATRIOT
Posted on April 19, 2011 at 9:51amThat is my money your dealing with.
Report Post »Keep your greedy hands off my money.
Robert-CA
Posted on April 19, 2011 at 11:02amToo late , not only you’re not gonna see this money ever again they will dig deeper in your pockets to get the rest of your money , you know they’re tooooooooooooooooooooo big to fail .
Report Post »Stoic one
Posted on April 19, 2011 at 9:49amYea, be careful what you wish for. Whoever posted that link to the Motortrend web article, please post it again! the one about CHINA buying this stock.
Report Post »TexasCommonSense
Posted on April 19, 2011 at 9:48amIt’s a good time to sell before the high fuel prices start killing their sales again.
Report Post »Snowleopard {gallery of cat folks}
Posted on April 19, 2011 at 10:00amThis time if the industries are threatened with going under, then let them go under once and for all and let our nations ability for innovation make a greater success rise from the ashes.
Report Post »TexasCommonSense
Posted on April 19, 2011 at 10:14amSnowleopard, I agree, but Obama will never let union jobs be threatened like that. He’ll bail them out again.
Report Post »338lapua
Posted on April 19, 2011 at 10:37amIn order to sell, you need to have a buyer……as you point out,fuel is going up,up,up.
Report Post »How many buyers will there be when a GLUT of (damaged goods) GM stock hits the market.
That price will never hold, hurting ALL the shareholders. 2012 cannot come soon enough.
jackeric61
Posted on April 19, 2011 at 11:05amEver notice that after the bashing the gov‘t gave toyota about the acceleration problem and it didn’t cause toyota to collapse the issue went away? The big 3 make lousy cars compared to the asian companies for less and trying to bring down the competition won’t work. The old saying goes “Make it first, or make it better, and make it cheaper is the way to a successful business.
Report Post »Professional Infidel
Posted on April 19, 2011 at 3:04pmNow that i turned you out, I selling you to the pimps.
Report Post »NOBALONEY
Posted on April 19, 2011 at 9:46amThe Obama administration shorting itself!
Report Post »Cobra Blue
Posted on April 19, 2011 at 9:51amJust a small question? Does the government ever make a profit or increase efficiency with anything it touches. Short answer. Dah! HELL NO. What else is new. Nothing.
Report Post »Snowleopard {gallery of cat folks}
Posted on April 19, 2011 at 9:57am@Cobra Blue:
Government ever making a profit on anything? Indeed the answer is NO, NO and emphatically NO!!!
The government, and this administration especially define the term of inefficiency across the board and have no excuses in any way. The fact the fed’s got involved in private industries to curtail favor with the unions is criminal in my book, and may be under some laws (not that the DOJ would dare to actually do anything to an admin allies and cronies.)
Report Post »ozchambers
Posted on April 19, 2011 at 9:58amIt’s OK. They didnt lose any money in the deal cuz they bought the stock with other peoples money to begin with.
Report Post »chirodoc007
Posted on April 19, 2011 at 10:01amObamanomics at work. The shortfall will not be a problem, there is plenty of money in this country, it’s just in the wrong hands.
This is why we need to take more from the rich. Donald Trump just told Sean Hannity that he is amazingly successful. He said that he looks forward to disclosing how rich he is if he runs for President. Obama can just just take the shortfall from “The Donald”. Look out Mr. Trump.
Report Post »Goohuman
Posted on April 19, 2011 at 10:02amNothing shorter than Obama’s view of the future.
Report Post »ishka4me
Posted on April 19, 2011 at 10:03amloss to the tax payers but not to the union.
Report Post »ConstitutionalPatriot
Posted on April 19, 2011 at 10:03amWhat and we didn’t know this would happen?? Who wants to bet the union buy’s up most of the shares…
Report Post »HillBillySam1
Posted on April 19, 2011 at 10:03amThe auto unions have already received their money……so it‘s no big deal that the American taxpayers won’t get their money back……Isn’t it wonderful how our elected officials are always looking out for what is best for US and not for THEM?!? Their unselfish sacrifice, especially concerning their own political careers, is something that ALL Americans should emilate……..“Look For the Union Label”……everybody sing with me…..
Report Post »MEESHEL
Posted on April 19, 2011 at 10:04amI think this administration, and most of the congress, should have to pass a basic math test before making ANY decisions with our money
Report Post »Ironmaan
Posted on April 19, 2011 at 10:07amEvery time the government gets involved in business it is a fiasco. No one in the White House has ever owned a company that has produced anything. They should have let GM fail.
Report Post »http://guerillatics.com
TalonTed
Posted on April 19, 2011 at 10:07amThere will be no change in the way government spends money until it is required to pay taxes too?
Report Post »A Doctors Labor Is Not My Right
Posted on April 19, 2011 at 10:08amIt looks like a significant enough amount of people rightly see government-owned businesses as anti-American. Good.
Report Post »cemerius
Posted on April 19, 2011 at 10:09amDrill baby drill!! Bring down the cost of oil/gas and THEN and MAYBE people will buy the gas guzzling GM cars! Oh shucks,! I forgot they are making the gas so expensive so that we buy the P.o.C. “hybrid” BS from GM!!!! Sell it get out then leave in 2012!!!
Report Post »Sgt.Crust
Posted on April 19, 2011 at 10:13amTimmy G, the tax cheat, can’t do his own taxes, and sure can’t manage an investment, can he? Gov’t Motors is going to go under at some point after the sale anyway, pffft!
Report Post »joe conservative
Posted on April 19, 2011 at 10:22amThey’re paying off their union buddies once again. Check out the selective outrage video on the recent bonuses GM paid out. http://www.youtube.com/watch?v=NLzmWGysBYA Even though they have yet to repay the American taxpayers, they doled out millions. Remember Obama’s outrage over the AIG bonuses? He seemed to be just fine with these bonuses.
Report Post »Sinista MACE
Posted on April 19, 2011 at 10:29amNope.
They’re shorting us.
They ripped us off and gave 11 billion+ to GM of our tax dollars.
Report Post »MODEL82A1
Posted on April 19, 2011 at 10:29amBig surprise. Not!!!! Anyone foolish enough to have pitched new GM shares deserves exactly what they are about to get. Fool me once……….
Anonymous T. Irrelevant
Posted on April 19, 2011 at 10:32amI know I won’t be buying any GM stock. The government is not supposed to be making a profit
Report Post »48
Posted on April 19, 2011 at 10:32amI dont know how anyone can continue to support this commie.
Report Post »jeffyfreezone
Posted on April 19, 2011 at 10:38amOne of Obama’s plans to fundamentally transform America, first screw the bond holders, then screw the tax payers. What else is new?
Report Post »hauschild
Posted on April 19, 2011 at 10:39amAny American that buys a GM product needs a swift quick in the pants.
Report Post »BetterDays
Posted on April 19, 2011 at 10:49amOh what a wonderful investment he made with our money, NOT!
In the real world, GM would have gone belly up, and we the better for it as a nation. No Detroit, Flint, and other takers in Michigan I don’t care if you actually have to find a job that entails working.
Sometime I feel like removing the check book from DC, they are Kiting checks !
Report Post »AndMercy4All
Posted on April 19, 2011 at 10:52amThe Obama administration shorting itself!
Nice post! I think “sh _ _ ting” itself is more like it!!
Report Post »Sgt.Crust
Posted on April 19, 2011 at 10:54amhey OZChambers – I saw you at the TEA rally yesterday, bet you saw me too! However, it was OUR TAX DOLLARS that have gone into the rabbit hole.
Report Post »DanB
Posted on April 19, 2011 at 11:09am@Sgt.Crust
But what if they aren’t as dumb as people seem to think they are? You project the “gov motors” will go belly up sometime after the sale. What if you are right even now? What if these politicians know this too? Then perhaps there is another reason to sell before the election, because if the stocks continue to fall between now and then, wouldn’t the American people be saying just that? By cutting the government from “gov motors” and making that a private business again, then “general motors” can go down the drain slowly and the politicians and their puppet media can conveniently wash this stain away as something of the past–and it will just be another “private” business failing. And since they like playing all the angles, they could use the second failure as justification to move further from a free market economy towards either fascism, marxism, communism or some other form of government controlled economy as they bailout GM again… taking even more companies under the umbrella of the feds, willing and unwilling alike.
Report Post »banjarmon
Posted on April 19, 2011 at 11:29amGovernment ONLY waste or loses OUR TAX money.
Report Post »TheLascone
Posted on April 19, 2011 at 11:52amYes I remember when they said GM would make money for the taxpayers … lol The truth is …
Report Post »http://www.flickr.com/photos/23630227@N06/5448433756/in/photostream/
ozchambers
Posted on April 19, 2011 at 12:02pm@SGT CRUST: You should’ve introduced yourself! I thought Cuccinelli seemed very down to earth, non politician-like in his manner. First time I’ve seen him speak in person. I like how he has no lack of fight, also. How did you recognize me??
@DANB: A very astute observation and a distinct possibility regarding why Govt might divest itself of GM stock. It has the ring of truth about it.
Report Post »CatB
Posted on April 19, 2011 at 12:10pmDon’t know but maybe they “know” the stock market is about to have a LARGE correction?
Report Post »Gold Coin & Economic News
Posted on April 19, 2011 at 12:21pmHow is it that the government never gets blamed for all the scams it runs and how it enriches people unjustly and how it is MASSIVELY in debt and raping the American taxpayer, but it’s always the so-called greedy corporations who actually make a profit that are the ones who are so evil?
Report Post »jblovesAmerica
Posted on April 19, 2011 at 12:22pmif this was a private Corp-and BHO were the CEO/CFO-jail time for sure
Report Post »WOLFENII
Posted on April 19, 2011 at 1:04pmThey couldn’t make it selling liquor and sex, why would they make money selling cars?
Report Post »KTSontag
Posted on April 19, 2011 at 1:06pmWould this not once again hurt the economy? Where does GM have all this money? Wouldn’t they all of a sudden be out BILLIONS of dollars also? This seems like nothing more than a way to hasten the destruction of the economy. Or maybe they’re listening to Glenn Beck and see the economy collapsing and the stock NEVER getting back up to $53.
Report Post »mrsmileyface
Posted on April 19, 2011 at 1:26pmSoon to be breaking news story!!!! A man who purchased a chevy Volt plugs in his car to charge it. And it catches on fire. ROFL!!!! Typical government operation. Add a little charge (heat) and it burst into flames.
Report Post »bandi9
Posted on April 19, 2011 at 1:38pmwhen you can simply print more money, who cares? i for one will NEVER buy GM or Chrysler prods again. they are whores!
Report Post »Secret Squirrel
Posted on April 19, 2011 at 1:44pm……….
Report Post »The union got it’s payoff.
What? Like you believed Obama really cared about cars?
Professional Infidel
Posted on April 19, 2011 at 3:01pmI had my way with you!!
Report Post »avenger
Posted on April 19, 2011 at 4:25pmthey know it is dog…
Report Post »SANE_I think
Posted on April 19, 2011 at 7:43pmI have not read thru the comments to see if someone all ready said this but, I think the real question is who is going to buy them now that GM is on the way to making big $$$$$. Whats the deal and who will make 100′s of millions when the stock continues to rise? The fix is in??? See who buys the stock, as all ways, follow the money!
Report Post »zoose
Posted on April 19, 2011 at 9:46pmBet they sell it to China and set up a US corporation for them to hide behind.
Remember the Panama Canal?
Report Post »oldoldtimer
Posted on April 19, 2011 at 10:41pmMaybe the gov’t can sell it to its self like the Fed with the debt it creates and then buys back at interest.
Report Post »Theleftisda
Posted on April 20, 2011 at 12:50amI purchased 12,331 shares of GM. at $2.70
Report Post »sold them at $31.76
walked away with over $200.grand
and a 212 MPH Corvette and S-430 for my baby
Ron Morris
Posted on April 20, 2011 at 10:04amTake the loss out of Barack Hussein Obamas pay check.This just goes to show you what a smart great DICTATOR that we have in the White House.
Report Post »He also keeps pushing solar,when did that plant he set-up close? There goes another 2-3 million dollars.
I just read another artical about Barack Hussein Obama,they are starting to call Obama (TEFLON OBAMA),because he is breaking so many laws of the Constitution of the United States of America,and no one says anything about what he is doing!!!
Congress how the hell can you just sit in office,and watch this DICTATOR,destroy our America?
Barack Hussein Obama hates the Constitution of the United States of America,he said that the Constitution is a old obsolete document!!!! (WHAT A GREAT PERSON TO BE SITTING IN THE WHITE HOUSE) He is destroying our country.
He gave a loan of 2-Billion dollars to Brazil to drill for oil ,off their Brazil coast.
He sent our Military to Libya..
Just found out yesterday(this was not on any news station) Obama gave Columbia a 3-5 Billion dollar loan to build a oil Refinery in Columbia,this is great!!!!
But we cannot drill for oil in the United States,and we need to build atleast 2- Refineries,in the United States,but Obama will not let America do anything,so that we can get off ,the Muslim oil from Countries that Hate America.
This Dictator hates American,he is out to destroy our America,don,t wait to vote out Obama in 2012,IMPEACH this DICTATOR now.!!!!
Lets get a real American in the White House,a real American that loves America,we need Leadership now!!!!!!
OKC08GT500
Posted on April 20, 2011 at 9:33pmHow about letting the taxpayers report a capital loss on their 2011 tax returns because of this rip-off? In lieu of that I will take a 2011 Corvette ZR-1.
Report Post »silentwatcher
Posted on April 20, 2011 at 11:11pmNope,,,,this is just a ‘redistribution’ of wealth-from the taxpayers account to,,,,hmmm. follow the money.
Waited to sell the GM stocks until the purchase price was at its lowest, huh? righteo…..redistribution of wealth.
Truth is,,,,,another example of the American taxpayer being ripped off by a select group of libs….don’t believe me???? FOLLOW THE MONEY. taxpayers being defrauded AGAIN.
Report Post »