Since Obama bailed out GM, the Dow has almost doubled, recently cresting 16,000. But according to this report, the American taxpayer has sold GM stock at a $10 billion LOSS.
DETROIT • The U.S. government expects to sell its remaining General Motors stock by the end of the year. The Treasury Department says in a statement Thursday that it still owns 31.1 million shares of the auto giant. It has recovered $38.4 billion of the $49.5 billion it spent bailing out the company. At Wednesday’s closing price of $37.69, the treasury would get an additional $1.2 billion. That means taxpayers will lose roughly $10 billion on the bailout. The government says the bailout was needed five years ago to save the American auto industry and more than a million jobs.
So instead of making our $50 billion and turning it into $100 million as the “private sector” has done, Obama has LOST 20 percent of our money. Now that’s quite an investment strategy, and one that politicians of Obama’s caliber do not use. Take Nancy Pelosi, for example.
According to the NY Daily News:
House Minority Leader Nancy Pelosi’s net worth skyrocketed 62% last year, to a jaw-dropping $35.2 million, according to financial disclosure forms released Wednesday.
Pelosi’s drastic growth, from an initial $21.7 million in 2009, is attributed to recent stock gains and smart investments.
In 2008, Pelosi’s net worth was around 12.1 million. Imagine if we had put our $50 billion where Pelosi put hers! Pelosi did better than the Dow, and tripled her booty. That would put the taxpayers’ take to $150 billion–a profit of $100 billion–and that’s a lot of cheddar.
Instead, our investment guy, Barack Obama left us with a $10 billion loss. It’s easy to lose when you are not playing with your own money.