50,000 GM Union Workers to Bag Year-End Bonuses
Roughly 50,000 General Motors union workers will receive bonuses of between $5,500 and $7,000 to close out 2012, say sources familiar with internal discussions between United Auto Worker officials.
In 2009, General Motors scored a $49.5 billion bailout from the U.S. government.
Last week, the Treasury Department announced it will sell General Motors 200 million shares before 2013, reducing the government’s stake in GM from 26.5% to 19%. Over the next 15 months, the Treasury will sell its remaining GM holdings.
But given that GM’s stock would need to be roughly double its current trading price for the government to break even, taxpayers are expected to lose between $10 and $12 billion on the GM bailout.
In 2012, the United Auto Workers spent $11.8 million to help elect Democrats and President Barack Obama.