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发帖数: 29846 | 1 US in the Hole about $10 Billion on GM Bailout
Wednesday, 30 Oct 2013 07:36 AM
The U.S. Treasury’s bailout fund has lost about $9.7 billion on its rescue
of General Motors Co. and would need to sell its remaining shares in the
automaker for an average of $147.95 to break even, a report to Congress said
. That would be four times the current price of the shares.
The Special Inspector General for the Troubled Asset Relief Program in a
report issued Tuesday estimated the realized losses on all GM shares sold
from November 2010 through Sept. 13, 2013 at $9.7 billion.
At that point, the U.S. owned 101.3 million shares. If it sold those for
Tuesday’s closing price of $35.80 a share, the government would lose almost
$800 million more, bringing the total loss to about $10.5 billion.
The U.S. investment in GM was the biggest piece of an industry bailout that
became a centerpiece of President Barack Obama’s first term.
The Treasury has said it will sell its shares by early 2014. GM Chief
Executive Officer Dan Akerson has said the government may exit before the
year is over.
GM shares closed Tuesday at $36.06. The restructured company held its
initial public offering in 2010 at $33 a share. The shares gained 25 percent
this year, exceeding a 24 percent gain for the Standard & Poor’s 500 Index.
“General Motors’ energies are fully focused on designing, building and
selling the world’s best vehicles,” said Heather Rosenker, a GM
spokeswoman based in Washington, declining to comment directly on the report.
The government is exiting GM as investor confidence has risen while the
company introduces 18 new or redesigned vehicles in the U.S. The product
surge is transforming its lineup into one of the freshest in the industry
from one of the oldest.
The auto rescue saved 1.14 million jobs in 2009 at automakers and companies
that depend on the industry, according to the Center for Automotive Research.
A collapse would have reduced personal income in the U.S. in 2009 and 2010
by $96.5 billion, costing the federal government $28.6 billion in extra
jobless benefits and reduced Social Security contributions and income taxes
in those years, the center said. |
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