Taxpayers to Lose $12 Billion on GM Bailout

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.

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