| Author | Message | ||
     Aeholton |
Been seeing the commercials from GM patting themselves on the back about repaying their government loan back early. More creative corporate speak. Let's see, the US government gave them $52 billion and Canada gave them $9.5 billion. Then during bankruptcy proceedings the US loan amount was reduced to $6.7 billion and Canada to $1.4 billion with the rest converted to stock. Sorry but as a US citizen, I don't consider it paid back until $52 billion has been returned to the US taxpayers. | ||
| Etennuly |
Numbers don't add up very well. They are trying to make a publicity wave like Lee Iacocca did with Chrysler in the 80's. His numbers were more accurate. | ||
| Piotr12 |
It's all smoke and mirrors. Sort of a way to convince people to buy American automobiles. | ||
| Froggy |
The numbers do add up, the Gov exchanged the rest of the loan for GM stock. This was done last summer during the bankruptcy proceedings. | ||
| Glitch |
Yep, so instead of GM owing money to the government, the government now owns a major part of GM. Government Motors | ||
| 4cammer |
So, they "repaid" the loan, but Uncle Sam still owns (60%?) of GM that it bought with our money. When do I get my shares? | ||
| Glitch |
When do I get my shares?  | ||
| Froggy |
I'd guess within the next year they will become available. The Gov sells its shares when things pick back up and makes a healthy profit to help pay down the national debt. | ||
| Blake |
Good luck with that. Best to write it off and let the place fail. Free market works, if we let it. | ||
| Glitch |
Yeah like that'll ever happen | ||
| Swordsman |
The Gov sells its shares when things pick back up and makes a healthy profit to help pay down the national debt. They just bought themselves a nice little moneymaker once the economy picks back up. They won't turn loose of that. ~SM | ||
| Crusty |
Free market works, if we let it. How good is your Chinese speaking ability? Free market works when all aspects are free. When one side has very protectionistic policies, while the other side has no restrictions whatever, guess who gets screwed? | ||
| Andymnelson |
While I don't like the self-back-patting, I think it's a great thing for you and I that the loan is paid back early. I don't know what others don't get- the part paid back was a loan, the rest was used to purchase stock. gM plans to to a public stock offering as soon as it becomes financially viable to do so and sell the government share to repay the rest. Sounds like a great plan to me. As much as I have been a Chevy guy my entire life, if I were to go buy a new vehicle right now (which I will not....WORST investment ever!), it would be a Ford. | ||
| Aeholton |
....I don't know what others don't get- the part paid back was a loan, the rest was used to purchase stock. gM plans to to a public stock offering as soon as it becomes financially viable to do so and sell the government share to repay the rest. Sounds like a great plan to me. I'm sure investors are just lining up. After all, they only posted a $3.4 Billion LOSS in the 4th quarter of 2009. | ||
| Blake |
"the rest was used to purchase stock." Baloney! The stock was worth ZERO! The purchase was a gift bailout to a failed, bankrupt business that could no longer get any bank to loan them any more money to keep them in business. | ||
| Cityxslicker |
state run automobiles.... hello Yugo, Trebyi, Lada, ZiL, .... | ||
| Glitch |
state run automobiles.... hello Yugo, Trebyi, Lada, ZiL, ....Chrysler. There, fixed that for ya  | ||
| Milt |
It will be interesting to see where GM stock is trading in a couple of years. | ||
| Andymnelson |
"I'm sure investors are just lining up. After all, they only posted a $3.4 Billion LOSS in the 4th quarter of 2009." That's why they will wait until the stock is worth something so they can sell stock to repay the government... "Baloney! The stock was worth ZERO! The purchase was a gift bailout to a failed, bankrupt business that could no longer get any bank to loan them any more money to keep them in business." Doesn't much matter what stock was worth at purchase time if they are going to sell share to repay the government investment...besides, I imagine that 70% ownership of GM is worth much more than zero! | ||
| Glitch |
The government shouldn't own any business, whole or in part. | ||
| Andymnelson |
Yeah you're probably right, taking my money, that I earned, in order to conduct it's business is probably better. I think that the simple fact that our government is a non profit producing entity and relies solely on taking it's peoples money to support itself is one of the biggest problems with it. Of course there's extremes like Mexico where the government basically owns the fuel distribution and there's no room for competition etc., but there has to be a good medium in there somewhere... | ||
| Glitch |
A good medium? How about the government just getting out of the way? How about the government downsizing? How about the government workers getting paid the equivalent as the private sector? i could go on and on... | ||
| B00stzx3 |
How about we equalize these bs safety standards and allow importation of cars people want to drive... Focus RS please. | ||
| Andymnelson |
I agree with all of that Glitch....and would add to it that at the end of the day, even with all of that happening, they still fund their doings with yours and my money. | ||
| Froggy |
+1, Maloo R8 please!
I don't know if its different down south, but around here you can easily make 30% more in private sector than Gov for the same job. | ||
| Rocketsprink |
Good luck with that. Best to write it off and let the place fail. Free market works, if we let it. Blake, you're one funny guy!!!  | ||
| Glitch |
they still fund their doings with yours and my money Enter the The Fair Tax I don't know if its different down south, but around here you can easily make 30% more in private sector than Gov for the same job. State and local government employees made 44 percent more than private-sector workers. It ain't just a Southern thing... | ||
| Rocketsprink |
"A good medium? How about the government just getting out of the way? How about the government downsizing? How about the government workers getting paid the equivalent as the private sector? i could go on and on..." Then protest them. Don't use anything supported by the government.....start with the roads. I could go on and on....... Wouldn't you rather have a pay raise as opposed to others getting a pay cut? What we see going on right now is a direct result of a shrinking tax base due to 30 plus years of SHIT policies from BOTH sides. | ||
| Rocketsprink |
Oh and Blake. Let them fail? We should have let Wall Street fail too. You do realize the amount of lost jobs that would have occurred? But I guess that doesn't matter, huh? And as far as I'm concerned, we all should by American. You do live here after all. Why would you not want to support her people? | ||
| Andymnelson |
Fair tax? That sounds like an oxymoron. Bottom line there is they still need the same amount of $$ to do things the same way. So the government ways need to change, and they need to become a profit producing entity. Imagine if the government actually worked for their money like you and I have to.... |
