Things are getting really dire if this is true.
Harper Government dumps GM stock
The Harper government says it has unloaded its remaining multibillion-dollar stake in General Motors.
The federal Finance Department says the government sold nearly 73.4 million shares Monday in an unregistered block trade to Goldman, Sachs & Co.
GM shares closed Monday at US$36.66.
Canada was the only North American government still holding stock acquired as part of the 2009 effort to bail out the then-sputtering automaker.
In a statement, Finance Minister Joe Oliver said the sale means GM has returned to private-sector ownership and taxpayers are no longer exposed to the market.
The sell-off comes as the federal government searches for ways to fulfil its election-year promise to balance its books amid the negative economic impacts of the global oil slump.
The sale also comes just after the start of the 2015-16 fiscal year, which means proceeds from the sale will boost the bottom line for the upcoming budget, scheduled for release later this month.
NEWSTALK 1010 - IN-DEPTH RADIO :: Harper Government dumps GM stock :: News - Article
Harper Government dumps GM stock
The Harper government says it has unloaded its remaining multibillion-dollar stake in General Motors.
The federal Finance Department says the government sold nearly 73.4 million shares Monday in an unregistered block trade to Goldman, Sachs & Co.
GM shares closed Monday at US$36.66.
Canada was the only North American government still holding stock acquired as part of the 2009 effort to bail out the then-sputtering automaker.
In a statement, Finance Minister Joe Oliver said the sale means GM has returned to private-sector ownership and taxpayers are no longer exposed to the market.
The sell-off comes as the federal government searches for ways to fulfil its election-year promise to balance its books amid the negative economic impacts of the global oil slump.
The sale also comes just after the start of the 2015-16 fiscal year, which means proceeds from the sale will boost the bottom line for the upcoming budget, scheduled for release later this month.
NEWSTALK 1010 - IN-DEPTH RADIO :: Harper Government dumps GM stock :: News - Article
