F#@K YOU GEITHNER - Treasury Announces Plan To Sell Taxpayers' GM Stake With 'No Concern For Profit'
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Remain calm as you read this story from Bloomberg.
Pay particular attention to this passage:
Taxpayers, however, haven’t broken even on GM. The government needed to sell its entire stake for about $44 a share for that to happen. The U.S. would need to sell its remaining 37 percent ownership of GM at $53 a share for taxpayers to be made whole.
Miller and Massad said they aren’t waiting for the stock to reach that level.
“We’re not a private equity fund,” Massad said. “We believe that promoting financial stability means we should exit as soon as we can.”
So the Bush-Obama regime bails out GM against the wishes of the American people, and then later, when the investment finally looks like a win for taxpayers, the United States Treasury announces publicly that it has no interest in breaking even, let alone making a profit.
Under what conception of reality does it promote financial stability for Treasury to sell its remaining position 'as soon as we can?' How does dumping tens of millions of shares, prematurely, promote anything but the lack of intelligence of those doing the selling. So we wait 20 months to see the IPO, and now taxpayer fund manager Massad, can't wait to blow his GM load all over the Street.
Where the hell are Barofsky and Kaufman...
And why isn't this guy in charge of the SEC...
This is brilliant, trust me. Give him 30 seconds or so to get going.
WalStreetPro says "Tim Geithner is a worthless piece of maggot shit..."