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<blockquote data-quote="moreluck" data-source="post: 979965" data-attributes="member: 1246">Re: ObamanomicsWashington — Republican Mitt Romney believes President Barack Obama is holding on to the government’s stake in General Motors to avoid an embarrassing financial loss before the election, and says he’d sell the stock quickly if he wins the White House.

In a wide-ranging half-hour interview with The Detroit News, the presumptive GOP nominee also said he’d review pending rules that will require automakers to almost double fuel efficiency requirements by 2025, and believes Detroit may need a leadership change in order to fix its nagging financial problems.

As part of the government’s GM bailout, the U.S. Treasury still holds a 26 percent stake in the Detroit automaker, and has been sitting on that share for 35 months.

“There is no reason for the government to continue to hold (its GM stake),” Romney, a Detroit native and son of an auto executive, said Friday.

“The president is delaying the sale of the shares to try and avoid the story that the taxpayer took another loss. I would get the company independent from government and run for the interests of the consumer and the enterprise and its workers — not for the political considerations of government officials.”

At GM’s Monday closing price of $21.11 a share, the government would lose $16 billion on its $49.5 billion bailout.
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[QUOTE="moreluck, post: 979965, member: 1246"] [B]Re: Obamanomics[/B] [INDENT]Washington — Republican Mitt Romney believes President Barack Obama is holding on to the government’s stake in General Motors to avoid an embarrassing financial loss before the election, and says he’d sell the stock quickly if he wins the White House. In a wide-ranging half-hour interview with The Detroit News, the presumptive GOP nominee also said he’d review pending rules that will require automakers to almost double fuel efficiency requirements by 2025, and believes Detroit may need a leadership change in order to fix its nagging financial problems. As part of the government’s GM bailout, the U.S. Treasury still holds a 26 percent stake in the Detroit automaker, and has been sitting on that share for 35 months. “There is no reason for the government to continue to hold (its GM stake),” Romney, a Detroit native and son of an auto executive, said Friday. “The president is delaying the sale of the shares to try and avoid the story that the taxpayer took another loss. I would get the company independent from government and run for the interests of the consumer and the enterprise and its workers — not for the political considerations of government officials.” [B]At GM’s Monday closing price of $21.11 a share, the government would lose $16 billion on its $49.5 billion bailout.[/B] [/INDENT] [/QUOTE]

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