Tagged: treasury department

The U.S. Treasury Department and General Motors announced today that company will buy 200 million of the U.S. government's 500.1 million shares in GM.

GM will pay $27.50 for each share. That's 7.9 percent more than yesterday's closing price of GM stock.

The sale, expected to be completed by the end of the year, will reduce the government's stake in the company to around 19 percent.

The City of Benton Harbor could face major staffing cuts after voters rejected a millage renewal this week. The cash-strapped city has been under the control of a state-appointed emergency financial manager for two years.

“When I heard the news my heart just sank. I didn’t believe it,” Benton Harbor Mayor James Hightower said, calling the rejection “unreal”. The millage helps pay for basic city operations.

Benton Harbor Mayor James Hightower believes voters were misled in part by some elected officials who are against the emergency financial manager.

The City of Allen Park is the latest to get a state appointed emergency financial manager. The move affects who’s in charge in some other communities who already have emergency managers.

Getting along with your neighbors isn’t always easy. So Governor Rick Snyder came up with a pretty simple plan to get townships, counties and cities to find new ways to work together; give them some kind of incentive, specifically, money.

Michigan Department of Treasury spokesman Terry Stanton says these Competitive Grant Assistance Grants are incentives to get neighboring cities, townships and counties to work together in new ways.