The United States government has sold off its remaining stock in General Motors, revealing that the bailout of GM cost roughly $10 billion.
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The U.S. Treasury Department plans on selling its remaining shares of General Motors by the the end of the year.
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As the U.S. Treasury Department looks to sell off its remaining shares of General Motors stock, its April report to Congress stated that it has sold 58.4-million shares so far this year, earning net proceeds of $1.6 billion.
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Last December, the U.S. Department of Treasury announced that it would sell of its remaining shares of General Motors within the next 12 to 15 months.
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Recently we reported that the auto bailout cost had increased to $25 billion, mostly due to General Motors‘ plummeting stock price. Things could, however, get worse for GM before they get any better – if they get any better.
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The auto bailout has been debated time and time again, on whether it was worth American taxpayers’ money, despite saving a million jobs. A recent poll found that the majority of Americans still opposed the auto bailout, and a recent report that the cost has now been increased to $25 billion doesn’t help its cause.
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