Taxpayers Book a 50% Loss on its Investment in GM

GM said it will purchase 200 million shares of GM common stock held by the U.S. Department of the Treasury for $5.5 billion, or $27.50 per share. Therefore, this price implies nearly 50% loss on the government's breakeven price of $54.  I hope all those union votes were well worth the now booked $40+ billion cost to the American taxpayers.

So much for the "profit" spin by the Obama Administration and UAW.  I am almost certain that you will not hear the 50% loss on your taxpayer dollars coming from any of the mainstream media today.  But then again, that is why you read my blog.