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Obama Won’t Sell Government Stock in GM – $6 TRILLION in new debt and he worries about $20 billion

September 18, 2012

What is his real motive? Seriously, he lost more money on the green energy bankruptcies than it would cost to sell GM back to the public. He wants control of private business by government.

Read on:

CHICAGO (MarketWatch) — The Treasury Department is resisting General Motors‘ push for the government to sell off its stake in the automobile maker, The Wall Street Journal reports. Following a $50 billion bailout in 2009, the U.S. taxpayers now own almost 27% of the company. But the newspaper said GM executives are now chafing at that, saying it hurts the company’s reputation and its ability to attract top talent due to pay restrictions. Earlier this year, GM GM -1.41% presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering. But officials at the Treasury Department were not interested, as selling now would lead to a multibillion-dollar loss for the government, the newspaper noted.

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