U.S. Would Need $95.50 Per GM Share to Break Even
Posted: July 25, 2013 at 3:18 am
The U.S. Dept. of the Treasury would need to sell its remaining stock in General Motors Co. at an average price of $95.50 per share to break even on its investment, the Associated Press reports.
GM shares closed at $37.14 on Wednesday, up 29% since the start of 2013.
Christy Romero, the special inspector general overseeing the U.S. financial bailout program of 2008-2009 tells the new service that “there’s no question” that the government is going to lose money on its $49.5 billion rescue of GM. Romero says the Treasury Dept. has thus far recovered $31.4 billion of that total.
The government, which originally owned 60.8% of the company, whittled its stake to 13.8% by early June. Treasury officials have said they plan to divest the remaining stock by next March.