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The Water Cooler
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Taxpayers In Deep Water on GM Investment
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<blockquote data-quote="TerryMiller" data-source="post: 1367018" data-attributes="member: 7900"><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">Taxpayers are still in the hole with GM, even after its stock IPO.</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"><a href="http://www.reuters.com/article/idUSTRE6AH5F320101118" target="_blank">http://www.reuters.com/article/idUSTRE6AH5F320101118</a></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">Taxpayers in Deep Water on GM Investment</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">Factbox</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">Thu, Nov 18 2010</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">(Reuters) - General Motors Co may have the world's biggest initial public offering, but U.S. taxpayers were more than $9 billion underwater on the government-funded restructuring at its current share price on Thursday.</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">A breakdown of the paper loss follows.</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">* The <strong>U.S. Treasury loaned GM about $49.86 billion from late 2008 through 2009 </strong>to restructure the company and finance its move through bankruptcy and beyond.</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">* Before accounting for the Treasury proceeds from the IPO, GM had repaid about $9.74 billion to the government. Those repayments included unused loans, the purchase of Treasury preferred shares, and dividends and interest. <strong>That left taxpayers owed a little more than $40.1 billion.</strong></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">* Including overallotments, Treasury will recover more than $13.6 billion by selling 412.3 million common shares, leaving <strong>taxpayers owed about $26.5 billion. </strong><strong><u>Treasury would need to sell its remaining 500.1 million share-stake at an average price of about $53 for taxpayers to be repaid.</u></strong></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">* <strong>With GM shares trading at $34.50 Thursday afternoon on the New York Stock Exchange, taxpayers were facing an $18.50 per-share deficit on their remaining stake, or about $9.25 billion</strong>.</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">SOURCES: Treasury public reports, GM SEC filings</span></span></p><p><span style="font-family: 'Georgia'"><span style="font-size: 12px">.</span></span></p></blockquote><p></p>
[QUOTE="TerryMiller, post: 1367018, member: 7900"] [FONT="Georgia"][SIZE="3"]Taxpayers are still in the hole with GM, even after its stock IPO. [url]http://www.reuters.com/article/idUSTRE6AH5F320101118[/url] Taxpayers in Deep Water on GM Investment Factbox Thu, Nov 18 2010 (Reuters) - General Motors Co may have the world's biggest initial public offering, but U.S. taxpayers were more than $9 billion underwater on the government-funded restructuring at its current share price on Thursday. A breakdown of the paper loss follows. * The [B]U.S. Treasury loaned GM about $49.86 billion from late 2008 through 2009 [/B]to restructure the company and finance its move through bankruptcy and beyond. * Before accounting for the Treasury proceeds from the IPO, GM had repaid about $9.74 billion to the government. Those repayments included unused loans, the purchase of Treasury preferred shares, and dividends and interest. [B]That left taxpayers owed a little more than $40.1 billion.[/B] * Including overallotments, Treasury will recover more than $13.6 billion by selling 412.3 million common shares, leaving [B]taxpayers owed about $26.5 billion. [/B][B][U]Treasury would need to sell its remaining 500.1 million share-stake at an average price of about $53 for taxpayers to be repaid.[/U][/B] * [B]With GM shares trading at $34.50 Thursday afternoon on the New York Stock Exchange, taxpayers were facing an $18.50 per-share deficit on their remaining stake, or about $9.25 billion[/B]. SOURCES: Treasury public reports, GM SEC filings .[/SIZE][/FONT] [/QUOTE]
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