Taxpayer takes a $12 billion bath—Treasury to sell off its last 300 million shares of GM

Most likely the Treasury (really you, the taxpayer) will sell at a steep loss unless that new Stingray Vette—which I will admit looks pretty cool—turns the company around.  But I don’t know, they’d have to sell a lot of Vettes.

(From DetroitNews.com)

The government needs to get $72 per share for its remaining shares to break even on its $49.5 billion GM bailout. It initially held a 61 percent stake before selling about half of its shares in GM’s November 2010 IPO at $33 a share

GM shares fell on Friday in afternoon trading to $29.21, down $0.28, or 1 percent. At current prices, the Treasury would lose more than $12 billion on its GM bailout.

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