What the GM bailout has cost taxpayers
By David Freddoso
The Washington Examiner
October 10, 2011
http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/what-gm-bailout-has-cost-taxpayers
{Embedded Chart of GM Stock Price}
If you've been watching your IRA with a grim face lately, you might want to check this out -- it's a real-time accounting of what the GM bailout has directly cost taxpayers, based on the bailed-out company's current share price.
As part of the bailout -- a scheme that appears to have chiefly benefited the UAW by preventing a dramatic loss in membership -- Uncle Sam accepted GM equity for an inflated price in order to put the automaker on firmer footing. The shares that the U.S. still holds will have to reach $53 each for taxpayers to break even. As I write, they're trading below $23, which makes for a loss of roughly $15.1 billion.
Thanks to Seton Motley for sending this along.
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence
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