Digest

Treasury picks adviser for General Motors IPO

AT& T is raising the fees it charges buyers of the iPhone and other smartphones if they break their two-year contracts, while lowering them for "dumb" phones to better align the fees with their real costs. Starting June 1, smartphone buyers will have to pay $325 for breaking their contract, up from $175. For buyers of regular phones, the fee is being decreased by $25 to $150.
AT& T is raising the fees it charges buyers of the iPhone and other smartphones if they break their two-year contracts, while lowering them for "dumb" phones to better align the fees with their real costs. Starting June 1, smartphone buyers will have to pay $325 for breaking their contract, up from $175. For buyers of regular phones, the fee is being decreased by $25 to $150. (Eric Risberg/associated Press)

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Saturday, May 22, 2010

AUTOMOTIVE

Treasury picks adviser for GM IPO

The Treasury Department has hired Lazard Freres & Co. as its adviser to prepare for an initial public stock offering for General Motors.

Treasury signed the agreement Monday but did not reveal it until Friday. The agreement says that Lazard Freres will be paid $500,000 a month over the next year for the advice it provides the government.

The Treasury owns 61 percent of General Motors, which it obtained when it swapped about $43 billion of its $50 billion bailout of the automaker for an ownership stake. The IPO would allow the government to begin recouping its investment.

GM chief executive Edward E. Whitacre Jr. has said he expects an IPO in late 2010 or early 2011.

-- Associated Press

BAILOUT

Treasury sells Wells Fargo warrants

A sale of Wells Fargo warrants has brought the government $840.4 million in the latest move to recoup costs for taxpayers from the $700 billion financial bailout.


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© 2010 The Washington Post Company

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