GM Record Profit No Balm for Obama Nursing Loss on Shares: Cars
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General Motors Co., saved by the Obama administration with a $50 billion bailout, is making more money than it has in its history, adding jobs and gaining market share. It’s still a headache for Barack Obama.
GM closed today at $20.50 a share, less than half the $53 price that the U.S. Treasury Department needs to break even. The shares fell on Dec. 19 to their lowest price since the Detroit-based automaker’s initial public offering in November 2010. The stock needs to rally almost 50 percent to reach $30 a share, the minimum price the Treasury Department would consider for a secondary offering, said three people familiar with the matter.