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Redfairen

(1,276 posts)
Thu Apr 25, 2013, 06:05 PM Apr 2013

U.S. sells nearly 20 percent of remaining GM shares

Source: Detroit News

The U.S. 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.

The Treasury, which initially held 60.8 percent of GM as part of the U.S. $49.5 billion bailout, now owns just 16.4 percent, or 241.7 million shares. In December, the Treasury sold GM 200 million shares of its stake for $5.5 billion to reduce its stake to 300 million shares.

In total, Treasury has recouped $30.4 billion. At current trading prices, Treasury would lose about $11.5 billion on its GM bailout.

GM disclosed that its second biggest holder is Brock Fiduciary Services LLC, with a 14 percent stake, followed by the Canadian and Ontario governments, which hold a 9.5 percent stake as part of the Canadian government's $10 billion GM bailout.

Read more: http://www.detroitnews.com/article/20130425/AUTO0103/304250457/U-S-sells-nearly-20-percent-remaining-GM-shares?odyssey=mod|newswell|text|FRONTPAGE|s

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U.S. sells nearly 20 percent of remaining GM shares (Original Post) Redfairen Apr 2013 OP
Pretty soon we wont own anything anymore. darkangel218 Apr 2013 #1
If by "we" you mean the US government, that may be true someday. Pterodactyl Apr 2013 #5
One might hope that sentiment includes all other countries PATRICK Apr 2013 #7
Yes, one might. Foreign government ownership of US business is not good. Pterodactyl Apr 2013 #8
Unwise. David__77 Apr 2013 #2
It seems like they should have held some of it a bit longer davidpdx Apr 2013 #4
Who's idea or decision was this, and why? Blue_Tires Apr 2013 #3
I *thought* any ownership was meant to be temporary never permanent. freshwest Apr 2013 #6

Pterodactyl

(1,687 posts)
5. If by "we" you mean the US government, that may be true someday.
Thu Apr 25, 2013, 11:40 PM
Apr 2013

My preference would be that the government would not own manufacturing facilities or other businesses. It causes all sorts of trouble with free markets.

PATRICK

(12,227 posts)
7. One might hope that sentiment includes all other countries
Fri Apr 26, 2013, 10:41 AM
Apr 2013

whose governments indeed own a piece of US.

David__77

(23,214 posts)
2. Unwise.
Thu Apr 25, 2013, 07:49 PM
Apr 2013

It would make more sense to maintain a strategic share. But of course it seems we cannot even have a moderately mixed ownership economy like the entire rest of the world. But at a minimum the government could try to earn a profit on its investment and not sell cheap.

davidpdx

(22,000 posts)
4. It seems like they should have held some of it a bit longer
Thu Apr 25, 2013, 11:35 PM
Apr 2013

Not only to recoup more money, but to keep the stability in the company.

Blue_Tires

(55,445 posts)
3. Who's idea or decision was this, and why?
Thu Apr 25, 2013, 07:51 PM
Apr 2013

Was there some time-base reason they had to sell now? or could they have held the stock indefinitely?

freshwest

(53,661 posts)
6. I *thought* any ownership was meant to be temporary never permanent.
Fri Apr 26, 2013, 12:10 AM
Apr 2013

I'm surprised the government still owned any shares after all this time. Bailouts are emergency measures and the federal government does not want to own anything that can thrive on its own.

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