Alexander Asks for GM Stock for Taxpayers, Corker Calls Idea “Interesting”

Tennessee Senator Lamar Alexander is continuing his call for the distribution of GM and Chrysler stock to everyone who paid taxes last year.

Alexander says issuing stock of the bankrupt automakers is the quickest way for the government to give up its 60% stake in GM. He says it also gives taxpayers a stake in the company’s success.

“It might be that if 120 million Americans own GM and Chrysler, that’d be an investor fan base more interested in the next Chevy and help them succeed.”

Fellow Republican Senator Bob Corker hasn’t yet offered his full-throated support of giving away shares of auto companies.

“It’s an interesting message. We’re looking at some of the practicalities that go with it.”

Chief investment strategist Jeffrey Saut of Raymond James laughs at the practicalities that come along with issuing 120-million stock certificates. Saut says the legal and clerical work involved with producing one stock certificate costs roughly $100, meaning Senator Alexander’s auto-stock-for-everyone idea could cost $12 billion.

Capitol News Connection in Washington contributed to this report.