Staff Writer - CheersandGears.com
October 30, 2013
The U.S. Treasury's sell off of General Motors stock isn't faring so well. According to a new report from The Detroit News, the U.S. Treasury has reported a $9.7 billion loss on the $49.5 billion bailout of GM back in 2009. This figure comes from the quarterly report from the Special Inspector General of the Troubled Asset Relief Program to Congress.
The U.S. Treasury original stake in GM back in 2009 was around 60.8 percent. Since that time, the Treasury has been selling off shares in a effort to make back some of the funds used in the bailout.
The Detroit News says for the U.S. Treasury to break even, the share price would have to be around $147.95. That isn't going to happen since GM's current price stands at $36.06 at the end of yesterday's trading.
Source: The Detroit News