I knew we wouldn't get our money back, YOU knew we wouldn't get our money back. Question is.........why didn't Buckwheat know it? Or did he just not care? :roll:
The government’s 2009 bailout of General Motors (NYSE: GM) has cost U.S. taxpayers $9.7 billion as of Sept. 30, according figures released Tuesday in a report to Congress.
At the height of the financial crisis, as GM teetered on the brink of bankruptcy, the government bailed out the giant Detroit auto maker with $49.5 billion in loans in exchange for $2.1 billion in preferred stock and a 60.8% equity stake.
In an effort to reduce that stake, Treasury has intermittently sold large portions of its GM stock, but always at prices below “the Government’s cost basis,” according to the report. In other words, the stock was sold at a price below the level at which the U.S. would break even on the deal.