Taxpayers Lose $10.5B on GM
Most profitable investment yet?
According to The Washington Times, “Treasury Secretary Jacob Lew announced Tuesday that the government sold its remaining shares in the Detroit automaker,” General Motors. And it netted taxpayers a loss of only $10.5 billion! “The government received 912 million GM shares, or a 60.8 percent stake, in exchange for a $49.5 billion bailout during the financial crisis in 2008 and 2009,” the Times reports. “It recovered $39 billion of the money, meaning taxpayers came up more than $10 billion short.” On there other hand, this might just be the most “profitable” investment we’ve seen yet under this administration.