US taxpayer loss on GM bailout remains at $10 billion-Detroit News

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US taxpayer has $10 billions loss on GM bailout, still owns 211 million shares.

6/5/13, "Treasury, UAW health care trust to sell 50M shares of GM stock," Detroit News, Shepardson

"The U.S. Treasury and United Auto Workers union, capitalizing on the automaker’s rising stock price, will sell a combined 50 million shares of General Motors stock today.

The scheduled stock sale coincides with GM’s return to the S&P 500 index, and with today’s annual shareholders meeting at the Renaissance Center in Detroit....

The UAW’s Workers Retiree Medical Benefits Trust, which holds about 14 percent of GM, will sell 20 million shares, and the U.S. Treasury will sell 30 million of its 241.7 million shares. The Treasury initially held 60.8 percent of GM as part of the U.S. $49.5 billion bailout....

The Treasury sold nearly 20 percent of its remaining shares in General Motors Co. in the first three months of the year, the Detroit automaker disclosed Thursday, as well as 200 million shares sold to GM for $5.5 billion in December.

In total, Treasury has recouped $30.6 billion. At current trading prices, Treasury would lose around $10 billion on its GM bailout."...via Tom Nelson


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