Taxpayers To Lose Billions As GM Buys Back Shares From Uncle Sam


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President Obama’s big investment into General Motors is going to yield we the taxpayers a loss of billions of dollars. Many billions.

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“The Detroit automaker said it will purchase 200 million shares of GM stock held by Treasury for $5.5 billion — or $27.50 per share — nearly $2 above the stock’s closing price on Tuesday,” the Detriot News reports.

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However, the break even price — the price that GM would need to pay for each share in order to pay back the money the government put in to the company —is $53 a share.

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That means, GM is saving more than $5 billion by buying back its stock now.

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But it’s not just $5 billion taxpayers are out when it comes to GM. It’s many times more than that.

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Treasury intends to begin its disposition of those 300.1 million common shares as soon as January 2013 pursuant to a pre-arranged written trading plan. The manner, amount, and timing of the sales under the plan are dependent upon a number of factors.” Assuming a price in the $27.50 range, this implies a nearly 50% loss on the government’s breakeven price of $54. So much for the “profit” spin. One hopes all those Union votes were well worth the now booked $40+ billion cost to all taxpayers.

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Update: Linked by iOwnTheWorld – thanks!