There is much ado about Solyndra, a solar energy company that the Obama Administration was apparently warned about being a bad investment, yet threw half a billion dollars into anyway.
Obama says he has no regrets.
“Hindsight is always 20-20,” he told George Stephanopoulos of ABC News. “It went through the regular review process. And people felt like this was a good bet.” Solyndra didn’t pan out, Mr. Obama conceded, but that’s the sort of risk the United States must take to compete with countries, such as China, that subsidize solar power.
While people are focused on throwing away millions on a “good bet,” they are over looking the loss of billions by bailing out the United Auto Workers and GM.
Well, most are. Not everyone is:
The United States Treasury owns roughly 500 million shares of common stock in General Motors. (Source: U.S. Treasury) The Treasury would need to sell these shares at roughly $53 per share in order to “break even” on the investment. (Source: WSJ) Using Google Finance API, we multiply the current GM stock price by 500,065,254, and subtract that total from $26,503,458,462 (or, 500,065,254 x $53).
Our calculations estimate the loss taxpayers would suffer if UST sells its GM common stock shares at the current ticker price. We track the common stock price and update our calculations on an ongoing basis, providing an up-to-the-minute snapshot of the money the UST lost in Government Motors.
When you look at the losses we might incur in our investment in GM, you can see why Obama thinks Solyndra was no big deal.