GM’s Big Day
The troubled, bankrupted, bailed-out, reinvented automaker had a record day on Wall Street, potentially raising $23.1 billion, and the White House is breathing a sigh of relief. But as the BBC’s Paul Adams cautions, it will be a while before the taxpayers get their money back.
The troubled, bankrupted, bailed-out, reinvented automaker had a record day on Wall Street, potentially raising $23.1 billion, and the White House is breathing a sigh of relief. But as the BBC’s Paul Adams cautions, it will be a while before the taxpayers get their money back.
Paul Adams on the BBC:
But there’s still a long way to go if the taxpayers are to get all their money back. The bailout cost them $50bn.
It’s thought the government will have to sell its remaining stock at around $50 a share for several years to recoup its investment.
GM’s shares closed Thursday at $34.19. — PZS
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