Jan 7, 2013
The Federal Government will start selling its shares of GM this year at a low price. This sale will result in a huge loss for the government, estimated to be around 10 to 12 billion dollars.
So who is expected to pick up the tab? The workers! The GM shareholders will win, since they buy back the shares very cheaply.
During last year's presidential campaign, Republican candidate Mitt Romney said he would sell all the government's shares in GM as quickly as possible, even at a steep loss. Now, the government is following exactly what Romney advised.
No matter who’s the president, GM wins – at our expense!