US government begins divesting GM shares
July 29, 2009 by Matt Brogan
The United States government has taken its first steps in divesting its 61 per cent stake in General Motors by announcing at a hearing in Detroit today that it intends to sell off the manufacturer in stages.
US Treasury Department senior adviser – and newly appointed car czar – Ron Bloom (pictured above left) said of the move that “it is is GM’s best interest to be sold off in parcels over a period of time rather than all at once”.
Mr Bloom went on to say that he feared that a short period sale of the majority share would push the stock price down and limit the taxpayers’ return on their investment in GM.
The hearing continues. CarAdvice will keep you posted on any developments.
No tags for this post.
A chance to buy shares in the worlds newest car company. A good investment? I wouldn’t be risking too much on it.
In almost totally unrelated news:
Team Vodafone have turned traitor and signed with Holden for 2010.
This must be one of sports biggest dummy spits over sponsorship dollars.
Best left alone IMO as they’ll probably end up like Lehman Bros, freddie Mac or Fanny-Mae type ‘investments’
Who would buy it?