Obama stiffs US taxpayer out of $11 billion in GM deal as investors rush to sell sinking stock

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4/19/11, "U.S. Hurries to Sell GM Stake," Wall St. Journal, Sharon Terlap

"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."...

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4/19/11, "GM stock lower amid report of quick govt sale," AFP

"At the current price, the government would lose more than $11 billion, but the Obama administration is willing to accept the loss in order to cut its last ties to the auto manufacturer, the newspaper said, citing unnamed sources.

The summer sale would make it more likely that the government could unload the remainder of its shares before the 2012 election season."...

via Drudge Report