General Motors Co. executives want the Treasury Department to sell its almost 27 percent stake in the company because, they say, the feds are hurting their image and government pay restrictions are chasing away top talent. …
Government officials weren’t interested in the deal.“At GM’s Friday share price of $24.14, the U.S. would lose about $15 billion on the GM bailout if it sold its entire stake,” the Journal notes. “While GM stock would need to reach $53 a share for the U.S. to break even, Treasury officials would consider selling at a price in the $30s.”
via TheBlaze.com.
This is the Treasury department playing politics. Treasury is supposed to be “above” politics. It’s supposed to control the U.S.’s monetary policy such that our economy grows at a steady pace.
The question now is did Tim Geithner make this decision or did it come from Obama himself?