About the GM IPO

Media Matters tweets:

Your move, Fox: Murdoch’s WSJ points to GM as “remarkable” success after government aid http://bit.ly/buitXl #p2

So, I clicked on the link, which was to a Media Matters piece on GM’s titled, “Don’t tell right-wing media mob, but gov’t bailout of GM an unqualified success.”

Really? Here’s an excerpt from the WSJ article Media Matters is linking to:

With Wednesday’s sale, including the overallotment, the Treasury lost roughly $4.5 billion on GM shares it acquired at an effective cost of $43.84 apiece. The Treasury would need to reap $26.4 billion, or an average of $52.79 a share, on its remaining stake to break even.

This is the new normal, I guess — where only losing $4.5 billion is considered a “success.”

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