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Obama lied again: GM Bailout to cost taxpayers a bundle

Melensdad

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
Remember when President Obama said that taxpayers would recoup the 'investment' in General Motors?

Well it looks like that ain't gonna happen!
http://online.wsj.com/article/SB10001424052748703916004576271382418887092.html?mod=e2tw#
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.
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Oh, and if you don't recall how Obama touted the bailout as being beneficial, here is what the uber-liberal Huffington Post reported:
http://www.huffingtonpost.com/2010/11/18/obama-ipo-supports-govern_n_785677.html
President Barack Obama on Thursday celebrated the return of a reborn General Motors to the U.S. stock market, saying it shows some of the "tough decisions that we made" during the financial crisis were beginning to pay off.

"American taxpayers are now positioned to recover more than my administration invested in GM, and that's a good thing," Obama said.
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JEV

JEV

Mr. Congeniality
GOLD Site Supporter
Just another lesson in Obamanomics. If he suggests something as benefiting the country, be very, very scared. It will be yet another boondoggle by the bumbling idiot and his socialist advisers. He makes Jimmy Carter look like a MENSA candidate. JMHO
 
Melensdad

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
grizzer said:
something must be pushing the sale we just dont know what.
Click to expand...

But what could it be?

Here is another report:
Link for full story => http://www.google.com/hostednews/af...ocId=CNG.862196b5b90a6d3e5734cc272997d1cd.a51
GM stock lower amid report of quick govt sale
(AFP) – 6 hours ago

NEW YORK — A report that the US government plans to sell off much of its remaining stake in General Motors this year despite the firm's lackluster share price caused investors to flee the stock Tuesday.

After the Wall Street Journal reported a government sale could come within the next six months, GM's shares fell by nearly 1.3 percent to end at $29.59.

The government sale would "almost certainly" mean that US taxpayers would take a loss from a politically controversial $50 billion rescue of the auto giant in 2009, according to the paper.
. . .
At the current price, the government would lose more than $11 billion. . .​
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This story has one major error. It says that the government will lose $11 BILLION but its you and I and everyone else who pays taxes that will lose that money. We had that $11 BILLION extracted from us, against popular opinion, now the idiots he hired to advise him have convinced Obama that its OK to piss away our money.
 
grizzer

grizzer

New member
we know China has ended cash for clunkers limiting GM mkt growth, the US cash for clunkers II ($7,800 immediate credit) is a no-go.

GM started massive cash discounts on PU's again.
 
jimbo

jimbo

Bronze Member
GOLD Site Supporter
This after stealing the original stock from the former stockholders, and offering a take it or leave it offer of around 10 cents on the dollar to the first lien holders.
 
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