Diary

It all depends on what the meaning of "fair deal" is

Reuters is reporting how the administration feels about today’s Government Motors IPO, which involves selling off less than half of the stake it got for $50B of taxpayer money.

Ron Bloom, the administration’s point man on auto restructuring, told Reuters Insider ahead of GM trading on Thursday that the government wants a fair return for taxpayers on its $50 billion investment, but also wants to “get out of this thing as soon as we can.”

Bloom said GM has done the right thing and pricing of $33 per share is a “fair deal” even though the partial sale represents a loss of roughly $9 billion on taxpayers’ original investment.

“We’re very comfortable with the way this went,” Bloom said.

Funny, I don’t think we taxpayers are “very comfortable” with how this is going. We saw earlier this year that GM shuffled bailout money to claim it repaid bailout money, now an Obama lackey is telling us what a great deal it is that dumping just part of our “investment” is only costing us $9B. I’d hate to think what he’d consider bad news.