U.S. Hurries to Sell GM Stake – At an $11 BILLION DOLLAR LOSS

The Wall Street Journal is reporting that the U.S. government will sell most of its remaining stake in Government Motors despite the fact it will mean a loss of approximately $11 billion. How bad are things about to get for GM if the government isn’t willing to stay in it for the long haul and would rather cut their losses now?

The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker’s stock, people familiar with the matter said.
A sale within the next several months would almost certainly mean U.S. taxpayers will take a loss on their $50 billion rescue of the Detroit auto maker in 2009.

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