Taxpayers are set to lose more than $12 billion on the bailout of Government, er, General Motors.
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.
“Treasury” meaning you, the American taxpayer.
A reminder that when you bail out the losers there’s no end to the cost.