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Taxpayers to Own 70% of General Motors
There are reports that the U.S. Government will provide up to $50 billion in new aid to help General Motors restructure. As a result, the government (taxpayers) will own 70 percnt of the restructured company.
The Unitied Auto Workers will own 17.5 percent and bondholders will receive 10 percent. There are also reports that retiree benefits will be cut immediately.
General Motors stock price has been all over the map today, at the day’s high the stock was up almost 30 percent. As of 3:00 pm, the stock price was only up 2 percent. A bunch of GM dealerships are also going to come up on the short end of the stick in any restructuring. Over the past few weeks GM announced they were dropping several brands and closing hundreds of dealerships.
GM is offering 0% financing on lots of their autos, particularly their larger SUVs. You can find 0% financing and cash back offers on GM cars including some Cadillac models, Buick models, Chevrolet models and others.