General Motors stake owned by the US treasury will be sold over the coming year, assuring a multibillion-dollar loss for the federal government. General Motors will buy back $5.5 billion in shares, and the Treasury will have to sell the rest of the stock at a high price in order to break even on the $50 billion bailout GM received.
Even the most brilliant investors make mistakes sometimes, as evidenced this week by recent moves from David Einhorn, one of the most brilliant equity guys in history. When it comes to the market, value traps are inevitable.
The trustee's attorney revealed at a Manhattan hearing that the a ruling limiting the team owners' exposure to $386 million will also affect other money being recovered for investors.
The Dow rose about 8 points, closing higher for the second session in a row