The U.S. government is starting another phase of selling off its General Motors stock after cutting its stake in the automaker to just over 7 percent.
The Treasury Department says it still owns 101.3 million GM shares. It got 912 million shares, a 60.8 percent stake in the company, in exchange for a $49.5 billion bailout of GM in 2009.
So far, taxpayers have recovered about $36 billion. That means they’re still around $13.5 billion in the hole.
To break even, the remaining shares would have to sell for about $133 each. At Thursday’s price of $36.95, the government would get about $3.7 billion more.
Therefore, taxpayers are likely to lose around $10 billion on the deal.
The Treasury plans to sell all its shares by April 1.
The bailout was authorized under both the Bush and Obama administrations during the financial crisis in 2008 and 2009.
GM has an Allen County truck assembly plant and a foundry in Defiance, Ohio.
Allegiant Air union representatives march
Union delegates meeting in Las Vegas are marching outside the headquarters of Allegiant Air’s parent company to highlight talks to ink an initial contract, more than two years after flight attendants joined the Transport Workers Union of America.
The picketing Thursday outside the offices of Las Vegas-based Allegiant Travel Co. comes with the airline reporting fewer delays after a week of cancellations to overhaul emergency exit slides on its fleet of MD-80 aircraft.
The Transport Workers Union convention is at The Mirage resort on the Las Vegas Strip.
Union President Thom McDaniel says the informational picketing isn’t a work stoppage, just a call for a contract.
Company spokeswoman Jessica Wheeler says the company wants to deal with issues at the negotiating table, not through public attacks.
Jobless aid requests near 6-year low
The number of Americans seeking unemployment benefits fell 5,000 last week to a seasonally adjusted 305,000, the second-lowest level in six years. Steady declines in applications show that very few companies are laying off workers.
The Labor Department said Thursday that the less volatile four-week average declined 7,000 to 308,000, the lowest since June 2007.
BBB, state police to offer ‘shred day’
The Better Business Bureau of Northern Indiana and the Indiana State Police will host Shred Day from 9 a.m. to noon Oct. 5.
This is an opportunity for residents to have confidential documents and other paperwork disposed of free of charge at the Afdent Dental Services office, 4041 Parnell Ave., across from Memorial Coliseum.
A previous event in June resulted in 11,500 pounds of shredded material.
Nissan recalls 908,900 vehicles
Nissan says it is recalling 908,900 vehicles around the world for defective accelerator sensors that could cause the engine to stall.
Nissan Motor Co. said Thursday the recall affects the Serena minivan, Infiniti M luxury model, X-trail sport utility vehicle and other models. No accidents have been reported related to the problem.