SEARCH BLOG: AUTOMOBILES
The sting of the GM bailout continues. From USA Today:
DETROIT (AP) – General Motors earned its largest profit ever in 2011, two years after it nearly collapsed into financial ruin.
By Jeff Roberson, APGood news, right?
The 103-year-old company (GM) made $7.6 billion in 2011, up 62% from 2010. Full-year revenue rose 11% to $105 billion.
At $53 a share, the federal government breaks even on the $50 billion it “loaned” GM, but at the current share price of approximately $30 (well below the $33 IPO price of last November, which raised around $20 billion), taxpayers would lose around $11 billion. [source - 4-19-11]Well, that was 10 months ago and with record profits, what is the value of GM stock now?