A government watchdog said the U.S. could lose nearly $10 billion on the $49.5 billion TARP loan it made to General Motors (GM) during the 2009 auto bailout.
The federal government has sold all but 7%, or 101 million shares, of the 61% stake it first took under the Troubled Asset Relief Program, an AP report said. The remaining shares would have to sell for $148 each for the Treasury Department to break even.
The special inspector general overseeing the TARP program said in a report to Congress that the government is currently showing a $9.7 billion loss on its books for the GM loan.
GM shares were up less than 1% at about 36 a share in Tuesday afternoon trading on the stock market today.
While the bailout came under heavy criticism, the Obama administration has said it saved 1 million jobs and prevented a deeper recession.
The inspector general report came a day before GM is slated to report third-quarter earnings results. After GM reported lower profit five of the last six quarters, consensus of analysts polled by Thomson Reuters is for a Q3 93-cent per share profit, matching the same quarter last year.
Revenue for the No. 1 U.S. and China auto seller is expected to grow 5.1% to $39.49 billion amid strong global sales. GM is promoting heavily in China to hold on to its No. 1 position in the world's largest auto market.
On an annual basis, GM sales in China are up 11% this year to 2.31 million vehicles, and it's on track to sell 3 million vehicles there in 2013.
Toyota Motor (TM), the world's No. 1 overall auto seller, rose fractionally Tuesday afternoon and Volkswagen (VLKAY) fell less than 1%. Among U.S. makers, Ford Motor (F)and Tesla Motors (TSLA) eased a bit.
Millions of Americans are going to be canceled on their affordable heath care and be forced to sign up for Obamacare.
With millions of consumers expected to lose their health coverage because it does not meet the minimum requirements under Obamacare.
Wow everyone sound like they are all tea party people over this Obamacare now. The democrats were running down the tea party on what they were saying about obamacare and now everyone has a whole lot of very bad thing to say about obamacare and saying the very same thing the tea party was saying. Has everyone switched to the tea party now?
Mexico is turning to its tax system to tackle the highest obesity levels in North America or Europe, with plans to raise levies on the fatty foods and sugary sodas that contribute to more deaths than drug violence.
When will the sale of the stock take place?
To help finance the acquisition, Plum Creek will float 14.1 million shares of its common stock in an underwritten public offering. It will also grant the underwriters a 30-day option to buy an additional 2.115 million shares. Goldman Sachs and JPMorgan Chase unit J.P. Morgan Securities are the issue's joint book-running managers.
At the moment, Plum Creek has just under 163 million shares outstanding. Its stock most recently closed at $49.63 per share.
I do not see a tapper until the latter part of 2014, maybe not until the beginning of 2015. Dollar will go down and stocks and metals will just keep going up on the money printing machine. Companies will still not beat on revenue but will beat on earnings per share, as long as they keep the buy back programs going.
President Obama repeatedly assured Americans that after the Affordable Care Act became law, people who liked their health insurance would be able to keep it.
I knew he was lying to all of us, because his lips were moving.
Will they go after the US government like they are going after Rebekah Brooks and Andy Coulson? If they are not going after the US government for hacking then I say this case should be thrown out of court.
2013 Consumer reliability top 5 brands
Position Brand Change vs. Last Year
#1. Lexus Up 2
#2. Toyota No change
#3. Acura Up 4
#4. Audi Up 4
#5. Mazda Down 1
The huge problem with that is ALU agreeing on the price of the wireless unit, just like every other unit that ALU tried to sell. Price is too low.
Google Inc., Facebook Inc. and LinkedIn Corp. wound up in Ireland because they could reduce their tax bills. Their success is leading European and U.S. politicians to label the country a tax haven that must change its ways.
Thanks to the century-old Jones Act, which requires all goods moved between U.S. ports to be carried by U.S.-flagged and U.S.-built vessels, shipbuilders across the country are working overtime to keep up with demand for tankers that can transport the bounty of newly drilled shale oil and gas now being produced in the United States.
Will there be a slit on the DD and stock in the spin off business?
% of Shares Held by Institutional & Mutual Fund Owners: 56%
% of Float Held by Institutional & Mutual Fund Owners: 59%
Number of Institutions Holding Shares: 561
Bank of America is looking to cut 3,000 mortgage jobs before the end of the year to cope with declines in refinancing and in its portfolio of delinquent home loans, according to a source.