Obama: GM stock sale a success for his policy

[Cancel 2018. 3]

Obama: GM stock sale a success for his policy

WASHINGTON – President Barack Obama on Thursday celebrated the return of a reborn General Motors to the U.S. stock market, saying it shows some of the "tough decisions that we made" during the financial crisis were beginning to pay off.

"American taxpayers are now positioned to recover more than my administration invested in GM, and that's a good thing," Obama said, speaking of the government's $50 billion taxpayer-backed rescue of the venerable automaker.

Trading the new stock is a milestone for both the corporation and for the Obama administration.

The stock rose sharply at first, rising to nearly $36 per share from the $33 price GM set for the initial public offering before pulling back and closing at $34.19.

http://news.yahoo.com/s/ap/20101118/ap_on_bi_ge/us_gm_ipo_obama

incorrect AP title or is obama really taking all the credit while giving bush none?

 

[tinfoil]

FTA:
Those who held old GM stock were essentially wiped out when the company filed for bankruptcy.


LOL

 

[Onceler]

Yurt, can you describe the sequence, timeline & purpose of GM's bailouts?

 

[cancel2 2022]

FTA:
Those who held old GM stock were essentially wiped out when the company filed for bankruptcy.


LOL

Isn't that the good old fashioned capitalism at work?

 

[Damocles]

The part that is interesting to us, if we are to get our $50 Billion back, we'd need to sell the remaining stock that the government owns at $53/share....

 

[Topspin]

His policy of big Centrually controlled economy. Because the GM deal was an ass raping of Capitalist without the common curtousey of a reach around.