Feds Refuse to Sell Their Shares of GM — And the ‘Why’ Is Quite Interesting
In this June 12 file photo, General Motors Chairman and CEO Daniel Akerson addresses shareholders at the company’s annual shareholder meeting in Detroit (AP)
General Motors Co. executives want the Treasury Department to sell its almost 27 percent stake in the company because, they say, the feds are hurting their image and government pay restrictions are chasing away top talent.
But Treasury officials aren’t interested in selling because it would mean posting a multibillion dollar loss during an election year, the Wall Street Journal reports.
GM officials offered to repurchase 200 million of the 500 million shares the feds hold with “the balance being sold via a public offering,” MarketWatch notes.
Government officials weren’t interested in the deal.
“At GM’s Friday share price of $24.14, the U.S. would lose about $15 billion on the GM bailout if it sold its entire stake,” the Journal notes. “While GM stock would need to reach $53 a share for the U.S. to break even, Treasury officials would consider selling at a price in the $30s.”
But look at it from Treasury’s point of view: What would it look like if they agreed to the deal and posted a multibillion dollar loss while the president was going around repeating the “Osama’s dead and GM’s alive” mantra?
“GM shares have been trading well below the $33 initial public offering price of 2010, when the government sold a major chunk of its stake in the auto maker. Many on Wall Street thought GM shares could top $50 within a year, but few expect the stock to reach that level in the near future now,” the Journal notes.
Still, despite the decline in share price and Treasury’s refusal to sell, GM officials say they’re determined to break away from the feds. They claim the “Government Motors” reputation is killing them.
“Some GM officials acknowledge the uphill battle in persuading the government to sell,” the Journal adds. “But they have no plans to abandon the effort.”
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All photos courtesy the AP.
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Comments (221)
v15
Posted on September 17, 2012 at 12:54pmGovernment is like an STD. The executives at GM should have remembered this before they jumped into bed with the Federal Government.
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CatB
Posted on September 17, 2012 at 1:09pmNO sympathy here .. you get in bed with the devil you are going to pay the price.
I too have bought my last GM vehicle and I have had them since my first car … a Corvair.
btw .. I have a friend who works for GM and if they still have them I could get a family/friend discount and I have over $1,000 of other “rewards”.
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JohnTwoFeathers
Posted on September 17, 2012 at 1:33pmLoved my first Chevy.. a 57. Loved it so much traded it on a 63 Impala SS. When the Monte Carlo SS came out traded in the SS. Still have the Monte Carlo but wouldn’t trade it for anything GM makes now. Main car is a Honda built in America by Americans. Oblamo blew his wad on GM now they suffer. Don’t forget what he did to Delphi. Once a snake…always a snake.
Semper Fi
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SocialistSlayer
Posted on September 17, 2012 at 1:36pmI just bought a Hyundai – Twice the value as those pieces of junk the Communist Unions and Communist obama are pushing! First time in my life I haven’t bought American and I’m proud of it!
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DarkJello
Posted on September 17, 2012 at 2:14pmNo surprises here. Too bad most Americans will never hear of this.
“When the people fear the government, there is tyranny. When the government fears the people, there is liberty.”
–Thomas Jefferson
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drs1969
Posted on September 17, 2012 at 2:47pmYea, they screwed over the bondholders, too. These bonds are owned by other people’s pensions. This amount, and the damage down to the system isn’t even counted in the loss!
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gyro
Posted on September 17, 2012 at 3:11pmuse protection
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shortstu
Posted on September 17, 2012 at 3:16pmExcuse me but I believe those share belong to the U.S. taxpayers.
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johnjamison
Posted on September 17, 2012 at 3:25pmGM now has what is the equal of a permanent disease the name is and will be forever Government Motors there nothing that can be done about that ever short of paying us back double and denouncing what it did has evil which isn’t going to happen…..They sign away their soul and not the only way they could ever be the heartbeat of America is under a communist flag.
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desertspeaks
Posted on September 17, 2012 at 3:43pmbuying stock is a gamble, period! it’s the same as going to vegas, a fool and his money are soon parted! only those in the know will actually make $$$$ while the rest are milked for every penny they have!
GM will show the same results enron did, those holding shares will be holding worthless stock!
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WindyDualism
Posted on September 17, 2012 at 3:43pmAll I care about is that MaryBethElizabeth gets her dividend checks. She lent uncle her taxes, and gets no dividend check. She took them as risk taking partiers, and now has lost her monies to worthless gubmint wankers that know no bidness, like snow bidness. Shame baaahh. Baaahh shame. Give em hell MBE, you go girl, and stuff.
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PeachyinGA
Posted on September 17, 2012 at 3:55pmI guess GM is just now discovering that there are no ‘do-overs’ after you’ve made a deal with the devil.
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AZDancer
Posted on September 17, 2012 at 5:13pmMy dad and mother-in-law both worked for GM. My 2nd car was a GM – Trans Am Firebird. My family almost always bought GM vehicles. Now none of us will. This takeover by the government should never have been permitted. The government does not belong in business, and now as GM finds the government refuses to get out of business. There will always be an excuse for the government to control GM. Government motors should have been allowed to fail.
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1TrueOne55
Posted on September 17, 2012 at 6:46pmIf they would have done the Bankruptcy without the Gov’t bailout the would have been remembered as “General Motors” but since they caved to Obama pressure and gave the private bondholders the (drive) shaft. Handed the Unions a majority share and now they have a sinking brand called “Government Motors”, since after the Bailout/Bankruptcy it was to be a new company now it has a new Acronym for its name “GM”. Even China has a minority stake in the company so the name fits. Quit whining and build cars we want not what the EPA wackos mandate.
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michael48
Posted on September 17, 2012 at 8:24pmpatience..a solyndra sale-a-thon after the election…remember , you’re buying a co. that is 40% owned by the UAW….good luck on that…ask previous share holders and bond holders how they came out on that deal…..
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rc30
Posted on September 17, 2012 at 9:27pmThat why I race mustangs. That also why my cars and trucks are fords.
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jonnydoe
Posted on September 17, 2012 at 10:06pmThis is a great video about GM being a Securitized union bribe, but pay close attention from about 5:30 til the end.
http://www.youtube.com/watch?v=bjWIvL_aodU&feature=player_embedded#start=0:00;end=7:23;autoreplay=false;showoptions=false
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The_Obama-Romney_Ticket
Posted on September 17, 2012 at 10:14pm“Feds Refuse to Sell Their Shares of GM — And the ‘Why’ Is Quite Interesting”
*ring* *ring*
“Hello? FBI? I’d like to report a …”
*click*
“Hello? Hello?”
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1947
Posted on September 17, 2012 at 11:19pmWhat new to this program…..Commies are working
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1947
Posted on September 17, 2012 at 11:40pmObama doesn’t this country to make it and the UNIONS would be without a JOB……
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anomnomnommm
Posted on September 18, 2012 at 12:33amIf you want to run the government like a business I guess this isn’t a bad start. They want the biggest return on their investment that they can get.
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Dr Vel
Posted on September 18, 2012 at 12:35amV15 you are failing to remember history. Obama gave them no choice. He forced nationalization on them.
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G-WHIZ
Posted on September 18, 2012 at 10:01amGM should declare a REAL bankruptcy!! the workers still would have their jobs during the re-organization. AND THE GUBMENT WOULD LOOSE ALL THEIR INVESTMENTS IN GM. It was the GUMENT who forced GM to drop OLDS&PONTIAC! Now, Ford took out a sepparate loan. It’s completely sepparate from the Forced-Fed-Bailout! Because this new-loan is a private-loan, the regs are more logical and doo-able. I did my own homework…before I bought my next used-car… from FORD!!
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h20sue
Posted on September 18, 2012 at 12:48pmYou have this right! If you own rental property, the last thing you want to do is rent to a Section 8. Once you do this, you have NO CONTROL OF YOUR OWN PROPERTY. There’s absolutly no difference. Once you sign the dotted line, you’re royally screwed by the government…… What used to be “our government”.
Now it belongs to the socialist and his socialist followers…living and working in “Our Whitehouse”.
It’s a must we get him out in November.
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Ironmaan
Posted on September 17, 2012 at 12:52pmI for one will never buy a GM vehicle as long as they are Government Motors.
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sgtbrown01
Posted on September 17, 2012 at 12:59pmI will never buy one even if the government sells the shares once a sell out always one
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CatB
Posted on September 17, 2012 at 1:12pmI agree ..NEVER AGAIN.
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trevthomp
Posted on September 17, 2012 at 1:15pmI won’t buy from Government Motors or the UAW.
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Bum thrower
Posted on September 17, 2012 at 3:11pmNeither would or will I. Love the video spoof about the Volt!! Catching on fire actually makes you get there faster!!
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oicu814me2
Posted on September 17, 2012 at 3:16pmI will never buy a GM car again. And i will never buy one made by the union car makers.
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justangry
Posted on September 17, 2012 at 4:25pmWhen my Chevy dies, I’m a Ford man. Or Honda to support the non-commie folks from my home town.
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NancyBee
Posted on September 17, 2012 at 10:55pmI will never ever…….they get what they deserve
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G-WHIZ
Posted on September 18, 2012 at 10:14ami WOULD NEVER BUY EVEN A USED GM ANYTHING! I just bought my next good-used car from FORD! Every car-comany NOW needs loans… FORD took out a PRIVATE loan… NOT from the
FED-RESERVE-FORCED-BAILOUT.!!! GM still does NOT pay FEDERAL-TAXES!!! If they did, they would have gone “belly-up” a few months after the bailout…just like solyndra!! How’s that negative-proffit-slide goeing out for ya’?!
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raulgonzo8
Posted on September 17, 2012 at 12:52pmWhy doesn’t anyone mention that the China already owns part of GM……
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mersey
Posted on September 17, 2012 at 12:55pmThe same reason they don’t mention that 7 out of 10 GM cars are built OUTSIDE of the USA. It’s an embarrassment to the regime.
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BODYBAG
Posted on September 17, 2012 at 12:51pmCOSA NOSTRA
Just like taking money from the Mob, you’re in for life or you get a dirt nap.
We all knew bailouts were a mistake. GM could have continued on through a structured
bankruptcy and re-emerged as a healthier, more competitive company not beholden or
hamstrung by the government or the UAW.
That was Romney’s position and GM has only itself to blame.
Bullying & taking over businesses, healthcare, and wide swaths of the economy;
the non-stop incredulous lies & distortions; manipulation of economic figures such
as unemployment and inflationary index; smearing & intimidating political rivals;
manipulating polling data & voter sentiment, voter fraud; controlling and manipulating
the media, etc, etc, etc…..
Is this North Korea? China? The USSR? Venezuela? Calling these people Communists is
not a political smear – ITS THE TRUTH.
Report this comment
BODYBAG
Posted on September 17, 2012 at 12:56pmMy God, I never believed I would ever see this in my lifetime:
Propaganda Update: TV Networks Will Be Asked to Boost ObamaCare In Plots of Their Top Shows
http://newsbusters.org/blogs/tim-graham/2012/09/15/propaganda-update-tv-networks-will-be-asked-boost-obamacare-plots-their-
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The_Jerk
Posted on September 17, 2012 at 12:57pmYou said more than you know. The Fed is definitely a mob, but it ain’t Italian.
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FREEDOMoverFEAR
Posted on September 17, 2012 at 1:37pmLol street loans are nothing like you see on TV. You get your loan you pay it back it’s the end of it. Quit watching Sopranos most real criminals are non violent and would chalk up not getting paid as a part of business. Only beaners and negros are prone to violence in my experience of the criminal world.
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mgh999
Posted on September 18, 2012 at 8:27amThis the Obama’s USSA – United Socialist States of America – the new dream – after all he is smarter than all of us and the 4th greatest President ever (at least in his own mind)……
So Remember – the USSA – thanks to Obama the 10% work for all of us.
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WindyDualism
Posted on September 18, 2012 at 11:50amJihad Jerky
Spell it out man. Don’t be coy now. Blasted Jews making us put our taxes into GM. Be a good little aryan and speak from your voluminous heart.
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RIGS
Posted on September 17, 2012 at 12:48pmThey will go bankrupt again. We had better hope the socialist is out of office.
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watersRpeople
Posted on September 17, 2012 at 12:46pmMotors are electric, and engines are gasoline. No wonder GM is failing.
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abbygirl1994
Posted on September 17, 2012 at 12:46pmThis is what happens when you risk your business with the government.. GM deserves what it gets.. I don’t feel sorry for them in the least.
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watersRpeople
Posted on September 17, 2012 at 12:45pmGM – Gummed motors.
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Rdy4WAR
Posted on September 17, 2012 at 12:45pmMy van is a genuine BGM…
http://www.zazzle.com/before_government_motors_car_bumper_sticker-128700303552060286
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doomytram
Posted on September 17, 2012 at 12:44pmHave y’all seen the new Chevy Volt Commercial’s? One lady said she forgot how to use a gas pump. I thought that GM had stopped production of the Volt because of Ozero sales.
Osama is dead (but the Muslim Brotherhood and Al Qaeda are a half billion Osama’s) and GM is Alive (but is really struggling to stay that way) do you see a half billion people buying Volts and little Chevy’s?
Obozo is having the Muslim Brotherhood over and taking all of the bullet’s out of the Marines guns. How about that Security in the Libya embassy?
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Ben__Franklin
Posted on September 17, 2012 at 1:41pmYeah, I saw that commercial. My family and I had a good chuckle with that one. My 12 year old mentioned that woman was pure blond and also forgets how to get into the car.
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Orpheus75
Posted on September 17, 2012 at 6:08pmNot to mention that for every Volt made, they lose $49,000.
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watersRpeople
Posted on September 17, 2012 at 12:43pmI’d rather push a Ford than drive a GM.
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Zipit
Posted on September 17, 2012 at 10:17pmALERT THE MEDIA! For once, a relevant and humorous post from Waters!!! Used to be, when someone said “I’d rather push my Ford than drive a Chevy”, my response was, “I have no doubt that you will be pushing it, it’s a Ford”. Now I drive a Ford, and won’t go back to GM untill the Gov., and the union are both out of it.
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NancyBee
Posted on September 17, 2012 at 10:58pmWaters….that was a good one!!!
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G-WHIZ
Posted on September 18, 2012 at 10:23amFORD= Fix Or Repair Daily… It doesn’t say [BAILOUT] daily!! … or screw everyone except feed the UNIONS, daily!!
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Snowleopard {gallery of cat folks}
Posted on September 17, 2012 at 12:42pmWelcome to the future under Obamas Communist party.
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johnjamison
Posted on September 17, 2012 at 12:46pmAdd your comments
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Steven63
Posted on September 17, 2012 at 12:54pmI don’t blame the government for not wanting to sell. Afterall, it’s US that would take the hit, right? We are the government.
Besides, GM should have known that when you lie down with dogs, you get fleas.
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RightUnite
Posted on September 17, 2012 at 2:16pm@STEVEN63…. We’re going to take a hit either way… I would just as soon get out now, rather than later, when they’re going to need another bailout. You willing to do another bailout on a failure of a company??? I’m not.
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watersRpeople
Posted on September 17, 2012 at 12:41pm“Have you driven a Ford, lately?”
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sgtbrown01
Posted on September 17, 2012 at 1:01pmown 2 Fords so yes
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lefty5005
Posted on September 17, 2012 at 1:02pmI bought a 2011 Ford Mustang GT and didn’t even consider a GM or Chrysler product. I will trade that Mustang in in about 2015 (if this is still the US) and get the latest and greatest Mustang. I feel a little bit of sympathy for the company but zero sympathy for the UAW because unions are nothing more than organized crime. I wish Reagan were mayor of Chicago or rather someone like him. He could break that union like he did the ATC union in 1981. I have zero respect for the Chicago teachers and even less for the a….h…l….e of Illinois.
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Mandors
Posted on September 17, 2012 at 12:38pmBoycott Obama Motors.
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jdare
Posted on September 17, 2012 at 3:49pmI won’t even ride in one.
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Cajun in La.
Posted on September 17, 2012 at 5:42pmIstill own 04 GMC p/u, but will buy a Ford or a foriegn one from here on out, never again will I buy a Goverment Motors vehicle.
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Gonzo
Posted on September 17, 2012 at 12:38pm“the “Government Motors” reputation is killing them.”
That’s what happens when you make a deal with the devil GM, no pitty.
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Ben__Franklin
Posted on September 17, 2012 at 2:30pm“the “Government Motors” reputation is killing them.”
Lol, and here I thought it was their Volt, their Union, their crappy quality, and their overpriced models that no one wants…..
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Wu Ming Ren
Posted on September 17, 2012 at 9:29pmBen, as Obama would say, “All of the above!”
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Wu Ming Ren
Posted on September 17, 2012 at 9:34pmBen, as Obama likes to say, “All of the above!”
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RightUnite
Posted on September 17, 2012 at 12:37pmGM will never, ever recover until the Government gets their dirty hands out of it. I will NEVER, EVER buy another GM until the dirty stinking government sells “OUR” share.
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huey6367
Posted on September 17, 2012 at 12:37pmGM, you took bailout money with no conditions. This is what you get. Should have gone Chapter 11. The pain would have been less difficult than what you face now and all those union deals could have been tossed. This is what the slow failure of a company looks like.
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lefty5005
Posted on September 17, 2012 at 12:55pmAgreed, GM has been about one bad decision after the other for going on 40 years, since the days of Roger Smith. They thought they were invulnerable to the car market downturn and could put out one lemon after the other without recourse. They made the bad union deals, one after the other also throughout the 70′s and 80′s. They should have gone bankrupt.
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drs1969
Posted on September 17, 2012 at 2:54pmIt was a ‘union’ bailout, not a GM bailout. This was they could kick back gov. money to the Communist party.
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G-WHIZ
Posted on September 18, 2012 at 10:30amOnly kids goeing down the SLIDE is fun…the real life slide is not so much!!
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kevin542
Posted on September 17, 2012 at 12:37pmSo why did GM take the bailout in the first place ??? They could just failed and started all over again..With out the UAW or Obama…
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Cavy from VA
Posted on September 17, 2012 at 1:28pmThat is a very interesting question … no doubt the Management of GM would have loved to have gotten rid of the Unions … Didn’t the unions get a huge chunk of the pie in the deal? how can we be sure that they had a choice? I suspect that they didn’t !!!!
TEA!!!
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BlueStrat
Posted on September 17, 2012 at 8:55pm@Kevin
“So why did GM take the bailout in the first place ??? They could just failed and started all over again..With out the UAW or Obama…”
—
They weren’t given a choice. The Feds and the unions came in and, like they forced all the banks to accept stimulus/bailout money, forced GM, who was in a vulnerable position, to accept the bailout in order to protect the labor unions. Obama and the Dems couldn’t and can’t afford to upset the unions.
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G-WHIZ
Posted on September 18, 2012 at 10:34amThe U.S.A.-law states all FOREIGN COMPANIES on U.S.A.-soil do NOT have to be UNIONIZED…
ONLY U.S.A.-COMPANIES are under the UNION/COMMUNIST thumb!!
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semihardrock
Posted on September 17, 2012 at 12:34pmMy guess is because…”Government DID build that” and now….like the American small business owner…..refuse to let it go…..
Its a war to steal your money……so THEY can stay in power….
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Steven63
Posted on September 17, 2012 at 12:57pmI have to disagree. The government would take a loss if it sold the shares GM wants it to sell. Although it’s anybody’s guess as to whether or not the government will ever recoup all of the money it invested (I doubt it), it wouldn’t make sense to sell now.
Besides, GM entered into a bailout agreement with the government and happily took our money. It’s a little too late to complain about the terms.
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RivahMitch
Posted on September 17, 2012 at 4:29pmSorry, Stephen, but have you considered that when Government Motors goes bankrupt again (where they’re currently headed) “our” assets will be worth much less than at present?
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Detroit paperboy
Posted on September 17, 2012 at 12:33pmI will never buy another GM product ……….and I have been a Chevy guy all my lif, so they are correct, this government motors thing is killing them even with lifelong loyal customers like me, but if you sleep with the pigs..”.”.”.”.”…. You stink !
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Do The Right Thing
Posted on September 18, 2012 at 12:02amIn my humble opinion, GM died around 1990, I once had a beautiful 83 Grand Prix,, and an 88 Riviera, the two allaround nicest cars I ever owned. I found that I enjoy the front drives in snow. Nowadays, I can’t buy a decent front wheel drive car with 2 doors, capable of making me smile on the road, Awhile back, someone on here mentioned Honda Accords, from what I’ve read, that is a nice car.Haven’t gotten around to checking one out yet tho, It seems it’s too expensive to launch different models anymore, I wouldn’t be surprised if they soon all come the same color. I recently dumped an Aurora, which was nice, but 4 doored, that car, for me would have been much more comfortable as a 2 door, Now, they are creating regulation dictated boxes on wheels. I understand that there’s even a gas guzzler tax now, on big displacement engines, WTF??
Report this comment
donwann
Posted on September 18, 2012 at 6:43am@Do The Right Thing, the gas guzzeler tax has been around since the EPA mandated fuel mileage requirements were forced upon the automakers at least twenty years ago!!!
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termyt
Posted on September 18, 2012 at 9:38amI, too, have owned nothing but GM cars my entire life, but not again, not any time soon. And any analyst that predicted a GM stock price rise is either a political shill or incompetent. Either way they should no longer have a job as a stock analyst.
What? No one will buy GM stocks? It’s almost like potential investors the last ones to do so were totally screwed out of their investments when the gov ignored 200 years of bankruptcy laws. Oh wait, they were.
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Do The Right Thing
Posted on September 18, 2012 at 10:41pmSorry, Don, you missed my point. That being that the Gov’t has been leading us to a no choice selection of overpriced transportation devices. Being an American, I like the idea of choice, which is becoming more an unpopular option, daily. Lets talk about Plymouth, Oldsmobile, Saturn, Saab, Chrysler as a brand name in automobiles, as opposed to a foreign owned operation which advertizes that its imports as being capable of swimming to the North American continent, etc. Sorry I wasn’t more obvious.
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Elena2010
Posted on September 17, 2012 at 12:32pmThis is why the Constitution has enumerated powers!
Gov’ts do one thing well — war/defense. Beyond that, push the project down to the state or local level. Gov’t is just too unwieldy to do other than war competently.
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drs1969
Posted on September 17, 2012 at 2:59pmNot even that.
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The_Jerk
Posted on September 17, 2012 at 12:31pmGovernment Motors needs to fail. It should have been allowed to fail. Fake capitalism is our problem, and the fault rests with both parties.
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RightUnite
Posted on September 17, 2012 at 12:40pmCouldn’t agree more…. They only thing this bailout did was allow them to continue their bad policies. They should have been forced into bankruptcy. That is the only way they can fix the bad business policies.
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RJJinGadsden
Posted on September 17, 2012 at 12:29pmInvesting in AMC stock right now would be about as profitable. Then, go out and buy a fish bowl.
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NOTAMUSHROOM
Posted on September 17, 2012 at 12:27pmYeah, for all those reasons the Gubmint doesn’t want to let Government Motors off the hook. That and who else would produce that piece of incendiary crap called the Volt?
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capitalismrocks
Posted on September 17, 2012 at 12:26pmHave the board convene and they can do a hostile takeover and force out the minority share holder – aka – the gov’t…
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NOTAMUSHROOM
Posted on September 17, 2012 at 12:30pmThat only works when the tyrannts in the government aren’t involved. Remember the GM shareholders? The board did nothing about them.
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RJJinGadsden
Posted on September 17, 2012 at 12:30pmSounds good in theory, but the unions own a major chunk of the stock now.
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SquidVetOhio
Posted on September 17, 2012 at 12:32pmYou’re assuming they would follow the laws of the land. You know better than that!
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