Taxpayers to lose billions on Government Motors

Timmy the Tax Cheat to cut his losses:

The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker’s stock, people familiar with the matter said.

A sale within the next several months would almost certainly mean U.S. taxpayers will take a loss on their $50 billion rescue of the Detroit auto maker in 2009.

To break even, the U.S. Treasury would need to sell its remaining stake—about 500 million shares—at $53 apiece. GM closed off 27 cents a share at $29.97 in 4 p.m. trading Monday on the New York Stock Exchange, hitting a new low since its $33-a-share November initial public offering.

What, people don’t like the bonus features of Government Motors cars like extra lighting for your garage?

A hybrid electric Chevrolet Volt believed to have sparked an overnight blaze in a garage in Barkhamsted last week, reignited again on Monday.

The state fire marshal’s office is investigating how the electric car parked at a Center Hill Road home caught fire Monday morning.

Last week, homeowners Storm Connors and his wife, Dee, woke up to the sound of a smoke alarm around 4 a.m.

The couple’s garage, where they parked their new Chevrolet Volt hybrid, was on fire. Firefighters were able to put out the blaze. A firewall built between the home and the garage saved their home.

Investigators with the state fire marshal’s office and the couple’s insurance company, at the time, suspected the hybrid car have had something to do with the blaze.

Read more at W.C. Varones