NOW that the campaign is over, President Obama can relax and finally dump the GM stock held by taxpayers, beginning the end of the $50 billion bailout of that company.
Taxpayers stand to lose $12.6 billion on the deal.
In 2009, the government gave GM $50 billion, with Canada kicking in another $10 billion. As part of its repayment, GM gave both governments stock worth $33 a share at the time.
The stock would have to rise in price to $53 a share for the government to break even.
The stock was never worth even $33 a share, and GM will now buy 200 million shares from taxpayers for $27.50 each.
In effect, the government bought high - $33 a share - and will now sell low at $27.50.
The government will sell off the taxpayers' remaining 300 million shares over the next year and a half. The price now would have to reach $70 a share for taxpayers to break even.
More likely, taxpayers are out $12.6 billion.
The president's argument that well, he saved Detroit and the American automobile industry, certainly would have been true in 1960 when GM sold half of the cars and trucks purchased in America.