Treasury gets $11.7 billion from GM stock sale

The Straight Story

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Tue Nov-23-10 03:29 PM
Original message

Treasury gets $11.7 billion from GM stock sale

Treasury gets $11.7 billion from GM stock sale

WASHINGTON (AP) -- The Treasury Department says it has received $11.7 billion from the sale of 358.5 million shares of General Motors stock.

Treasury announced that the net proceeds from the GM stock sold last week were delivered on Tuesday. Treasury officials said that the government could receive an additional $1.8 billion assuming the underwriters exercise options to purchase an additional 53.8 million shares of GM common stock within 30 days of the initial stock offering.

The government put $49.5 billion into GM as part of its bailout of the giant automaker.

http://hosted.ap.org/dynamic/stories/U/US_GM_IPO?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2010-11-23-15-19-13

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gratuitous

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Tue Nov-23-10 03:38 PM
Response to Original message

1. No, it's the failed stimulus and bail-outs

Narrative set; no need for actual facts, and certainly no need for any facts that contradict the approved narrative.

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rfranklin

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Tue Nov-23-10 04:14 PM
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2. Let's see the other $37 billion before we start celebrating...

Where the hell did all that money go?

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DainBramaged

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Tue Nov-23-10 04:20 PM
Response to Reply #2

3. You don't understand about building cars do you?

:eyes:

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rfranklin

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Tue Nov-23-10 04:49 PM
Response to Reply #3

4. Please, GM was a management disaster for decades....

They were, in effect, bankrupt for years before this episode and I doubt that the management is much better now that they have shed their contractual obligations to the union members. This bailout is still in the red and recouping those $37 billions requires that the stock increase in value immensely over the next few years. This is a papering over of the problemsjust like with the banks.

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DainBramaged

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Tue Nov-23-10 05:46 PM
Response to Reply #4

6. Of course they were, sure, you bet, you worked in Detroit

or is it simply Google is your friend.......

I am positive you wouldn't consider under any circumstance a new GM car so take your rice and eat elsewhere.

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rfranklin

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Wed Nov-24-10 12:14 PM
Response to Reply #6

8. Never owned a Japanese car...

but I have owned GM cars.

And last week I was in Detroit with the former fleet sales manager for GM.

And I don't need Google to know they bankrupted the company by getting too heavily into finance and derivatives.

So far I haven't heard anything out of you other than insults.

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DainBramaged

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Wed Nov-24-10 04:17 PM
Response to Reply #6

9. Oh, and I put you on ignore (so I figured I let you see this when you checked back)

The only people I know who still badmouth GM like you did are Republicans, and regarding your little meeting, I had lunch with Bill Gates today.

Cya. Oh wait, I won't, LOL.

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Golden Raisin

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Tue Nov-23-10 05:01 PM
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5. Maybe that will partially balance

out the $12 billion in shrink-wrapped U.S. cash flown in on pallets that disappeared in Iraq and is totally unaccounted for to this day.

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Rex

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Tue Nov-23-10 05:50 PM
Response to Original message

7. That is great...what about the other 7 trillion, 13 if we count Iraq

and Afghanistan? Will we get it all back?

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