May Mao bless your union pensions.
The WSJ reports:
The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker’s stock, people familiar with the matter said.
A sale within the next several months would almost certainly mean U.S. taxpayers will take a loss on their $50 billion rescue of the Detroit auto maker in 2009.
To break even, the U.S. Treasury would need to sell its remaining stake—about 500 million shares—at $53 apiece. GM closed off 27 cents a share at $29.97 in 4 p.m. trading Monday on the New York Stock Exchange, hitting a new low since its $33-a-share November initial public offering.
I’m so glad my money could go to the funding of overpaid GM union workers and other financial institutions.
If the US Government had not invested my money for me, I would have gladly volunteered 100% of my own pay to fund the lifestyles of GM executives and union workers.
A 50 billion dollar loss is only enough money to feed 1.4 million people for a year.