Treasury Announces Plan To Sell Taxpayers' GM Stake With 'No Concern For Profit'

Remain calm as you read this story from Bloomberg.

Pay particular attention to this passage:

Taxpayers, however, haven’t broken even on GM. The government needed to sell its entire stake for about $44 a share for that to happen. The U.S. would need to sell its remaining 37 percent ownership of GM at $53 a share for taxpayers to be made whole.

Miller and Massad said they aren’t waiting for the stock to reach that level.

“We’re not a private equity fund,” Massad said. “We believe that promoting financial stability means we should exit as soon as we can.”

So the Bush-Obama regime bails out GM against the wishes of the American people, and then later, when the investment finally looks like a win for taxpayers, the United States Treasury announces publicly that it has no interest in breaking even, let alone making a profit.'

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