The Treasury Department is resisting General Motors’ push for the government to sell off its stake in the auto maker, The Wall Street Journal reports. Following a $50 billion bailout in 2009, the U.S. taxpayers now own almost 27% of the company. But the newspaper said GM executives are now chafing at that, saying it hurts the company’s reputation and its ability to attract top talent due to pay restrictions.
Welcome to the planned economy.
So far taxpayers have lost $14.6 billion on Government Motors stock and counting.
On tips from G. Fox, Bob Roberts, Wiggins, J, and Stormfax.