Posted on 11/18/2010 2:52:50 PM PST by Huskrrrr
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 recession are payingoff.
(Excerpt) Read more at news.yahoo.com ...
And guess who is buying the Volt. GM is giving them to employees as test cars and our states will buy fleets. The consumer market?? THERE IS NONE!!! Why are they building these things?? You can only go 40 miles before you need a charge.
Zero screwed the bondholders and saved the union. GM should have gone thru bankruptcy; reorganized under competent management and de-certified the union.
The only thing that would suprise me is if Obama ever told the truth.
Amen. We have a long-established process in this country for reorganization including a specialized court system that has developed decades of experience. All that was bypassed. Anyone with half a brain realizes that it was a political payoff to the UAW. If GM had gone into Chapter 11, it would have survived but the secured creditors would have received more than the Obama supporters.
Notice how we NEVER hear about the other zombie, Chrysler?
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Obama is wrong.
The $40 billion did not save GM, bankruptcy did,
and a legitimate bankruptcy process did not need the heavy hand of Obama’s Czars in there on the side of the UAW - GM would have got a better deal in bankruptcy WITHOUT Obama helping the UAW in the process,
and the $40 billion - IF it was truly needed - should have been a long term loan, not an “ownership” investment, which over time would have returned not only the $40 billion but interest as well.
yah. Let’s see how sales of the Volt affect that IPO everyone was getting all moist about today. So far, GE is the only customer and they will probably finance a significant portion of the cost through tax cuts/breaks/credits and/or direct handouts from the US Treasury.
So if the IPO goes into the crapper, will Helicopter Ben go in and buy up a bunch of GM stock??
Can’t happen you say??
Goverment Motors and Chrysler are Walking DEAD corporations. In a few years (maybe 4) they are going tobe in the same position they were in 2008.
The GM stock is a pump and dump stock it will below 33 at the end of the first quarter of 2011.
FUBO and Geithner too.
It WAS a union bailout.
The funny thing is, in the 010 elections, that didn’t seem to help Democrats at all.
With private sector unions at 11% of the workforce and declining, their influence continues to deteriorate.
And don’t be fooled by the UAW’s membership numbers either. The actual auto workers are fading away fast. A lot of their membership now is public sector and nurses.
BINGO including tag.
Who is 'our'?
Are they trading options on it yet?
If they had, I would have gladly supported them with my next purchase. After watching the bondholders get screwed, it will be a Ford or a transplant for me.
He saved them from Chapter 13, which would have allowed them to reorganize and renegotiate contracts.
Which means, he didn’t save them. He stole them. And then sold them to China.
Hey, you stupid fool King Obama. Tell you what, how about giving me a few million and I guarantee I will save my extended family. They are really hurting and I just don’t have enough to save them all. You ungrateful piece of junk.
Precisely right (bankrupty, restructure, non-union). Without downsizing, work rule changes, contract wage changes, and pension changes, GM is going to right back where they were in a few years. And the prospectus for the IPO had a buried footnote that you cannot sue them for fraud, either.
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Understand the batteries are crap. Has anyone heard anything about them that is not gossip?
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