less is more
2010:
“American taxpayers are now positioned to recover more than my administration invested in GM, and that’s a good thing,”
2012:
General Motors plans to buy back $5.5 billion of its shares from the federal government, setting up a $14 billion loss to taxpayers on the company’s bailout.
“This announcement is an important step in bringing closure to the successful auto industry rescue, it further removes the perception of government ownership of GM among customers, and it demonstrates confidence in GM’s progress and our future,” GM Chairman and Chief Executive Dan Akerson said in a statement.
The $5.5 billion stock buyback represents an 8 percent premium over Tuesday’s close, but it falls far short of the $53 per share that would have been needed to get a full payback to taxpayers for the GM bailout.
“American taxpayers are now positioned to recover more than my administration invested in GM, and that’s a good thing,”
2012:
General Motors plans to buy back $5.5 billion of its shares from the federal government, setting up a $14 billion loss to taxpayers on the company’s bailout.
“This announcement is an important step in bringing closure to the successful auto industry rescue, it further removes the perception of government ownership of GM among customers, and it demonstrates confidence in GM’s progress and our future,” GM Chairman and Chief Executive Dan Akerson said in a statement.
The $5.5 billion stock buyback represents an 8 percent premium over Tuesday’s close, but it falls far short of the $53 per share that would have been needed to get a full payback to taxpayers for the GM bailout.