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U.S. exits GM stake in $10 billon loss for taxpayers
Yahoo News/Reuters ^ | Dec 9, 2013 | Jason Lange

Posted on 12/09/2013 7:41:48 PM PST by Innovative

The U.S. government sold its last shares of automaker General Motors Co (GM) on Monday, marking an end to a historic bailout of one of America's most storied companies.

The sale leaves taxpayers short about $10 billion of the funds that the Treasury sank into the automaker in 2009.

GM recorded a profit of $4.3 billion for the first nine months of this year.

The bailout was hugely controversial. During the 2012 presidential campaign, Republican presidential candidate Mitt Romney called it "crony capitalism."

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: bailout; gm; obama; taxes; taxpayerloss
We lose $10 BILLION with a "B" and merrily go on our way, instead of getting it back from the company, which is now turning a healthy profit.

I'd like a deal like that for myself...

1 posted on 12/09/2013 7:41:49 PM PST by Innovative
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To: Innovative

I would love to see the money trial on this bit of world class grifting. Someone made a lot of money on our backs.


2 posted on 12/09/2013 7:46:12 PM PST by Fzob (Jesus + anything = nothing, Jesus + nothing = everything)
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To: Fzob

Yeah.........what was that saying from P. T. Barnum ???


3 posted on 12/09/2013 7:49:48 PM PST by onona (The Earth is the insane asylum for the universe (yup, I belong))
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To: Innovative

Wait....they made $4 billion + and we have to eat better than $10 billion?

The least they could have done is use those profits to cover our losses.

Some gratitude. If we hadn’t bailed them out they’d be dead.

Thnx GM.....


4 posted on 12/09/2013 7:51:13 PM PST by Vendome (Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
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To: Fzob

Yea now they don’t even feel the need to disguise it. They just take it via Obamacare


5 posted on 12/09/2013 7:51:21 PM PST by ping jockey (The People Have Become Serfs.)
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To: Innovative

The same fella that told us we could keep our plan told us we the people made a profit on this deal. At least he’s consistent.


6 posted on 12/09/2013 7:52:24 PM PST by 5thGenTexan
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To: Innovative
We lose $10 BILLION with a "B" and merrily go on our way, instead of getting it back from the company, which is now turning a healthy profit.

Not to mention the five billion in stimulus funds given to them. And also, wasn't some of the loan money forgiven?

7 posted on 12/09/2013 7:53:48 PM PST by oldbrowser ("From each according to their ability, to each according to their needs" .....Marx)
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To: 5thGenTexan

Obama’s statement on selling GM stake:

http://blogs.marketwatch.com/capitolreport/2013/12/09/obama-statement-on-selling-of-gm-stake/

” Today, we’re closing the book by selling the remaining shares of the federal government’s investment in General Motors. GM has now repaid every taxpayer dollar my Administration committed to its rescue, plus billions invested by the previous Administration.”

As you said, “if you like your plan you can keep your plan, period”.

I guess for him losing $10Billion with a “B” is not worth mentioning.


8 posted on 12/09/2013 8:00:16 PM PST by Innovative ("Winning isn't everything, it's the only thing." -- Vince Lombardi)
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To: Innovative

Other than dealing happy smoke, Bolivian marching powder and poppers, has this guy EVER made a profit?!


9 posted on 12/09/2013 8:02:11 PM PST by 2ndDivisionVet ("Of the 4 wars in my lifetime none came about because the US was too strong." Reagan)
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To: oldbrowser

What’s a billion here, a billion there... (/sarc)— it’s not their money.

“In 2011, Treasury closed the books on its $12.5-billion bailout of Chrysler and took about a $1.3-billion loss.”

http://www.latimes.com/business/money/la-fi-mo-general-motors-bailout-treasury-stock-20131209,0,4629861.story#ixzz2n2chjkkG


10 posted on 12/09/2013 8:02:49 PM PST by Innovative ("Winning isn't everything, it's the only thing." -- Vince Lombardi)
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To: Innovative

Did you think a community organizer could turn a profit?
This was nothing more than “spreading the wealth” to the unions at the expense of bondholders and taxpayers.


11 posted on 12/09/2013 8:12:14 PM PST by kik5150
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To: Innovative
What’s a billion here, a billion there... (/sarc)— it’s not their money.

Some of those billions they throw around end up being laundered into campaign funds.

12 posted on 12/09/2013 8:17:38 PM PST by oldbrowser ("From each according to their ability, to each according to their needs" .....Marx)
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To: Innovative

I wouldn’t want a deal like that for myself...................... I’d rather work for the money that I earn & not be handed Billions from the taxpayers. When it’s time to purchase a new vehicle, don’t buy GM!


13 posted on 12/09/2013 8:39:03 PM PST by womaninChrist (God is not mocked, for whatever one sows, that he will also reap.)
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To: oldbrowser; Innovative
And also, wasn't some of the loan money forgiven?

They're also conveniently omitting mention of the billions lost by private investors in their bonds.

14 posted on 12/09/2013 8:39:58 PM PST by facedown (Armed in the Heartland)
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To: Vendome

We didn’t bail out GM, we bailed out the Unions which destroyed GM. By nit declaring Ch 11 and getting the contracts in line with industry standards, they have kicked the can down the road.


15 posted on 12/09/2013 8:41:40 PM PST by matt04
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To: Innovative

If I were a Union member or liberal politician, I’d be laughing and crapping on everyone too.......


16 posted on 12/09/2013 8:42:24 PM PST by Tzimisce
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To: Innovative
[The sale leaves taxpayers short about $10 billion of the funds that the Treasury sank into the automaker in 2009.]

Add $45.4 billion to that $10 billion loss to the treasury. That's the tax credit GM was granted by the IRS under the TARP Act. And though GM was allowed to shed all their old liabilities—including chemically contaminated plant sites—they were allowed to keep some of the old GM’s business losses to gain a further tax advantage. Any profit posted by GM should be viewed in light of their historic tax avoidance bonanza.

http://online.wsj.com/news/articles/SB10001424052748704462704575590642149103202

17 posted on 12/09/2013 9:07:59 PM PST by Brad from Tennessee (A politician can't give you anything he hasn't first stolen from you.)
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To: Innovative

Remember when Whitacre and Obama claimed the “taxpayers” would MAKE 4-8 billion dollars on this deal, and how the left media said anyone that didn’t agree was a RACIST that hated America, and wanted GM to fail because we had a black President?


18 posted on 12/09/2013 9:12:57 PM PST by tcrlaf (Well, it is what the Sheeple voted for....)
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To: Innovative
its good to be king, or one of his squires.....

so they get to continue they're huge pensions and benefits and bonuses and I get to keep paying taxes and working.....

what a country....

I still will not buy a new or even newer GM product....

19 posted on 12/09/2013 9:15:01 PM PST by cherry (.in the time of universal deceit, telling the truth is revolutionary.....)
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To: womaninChrist

no, I’m getting to the point where I want a deal too.....anything...something...


20 posted on 12/09/2013 9:17:16 PM PST by cherry (.in the time of universal deceit, telling the truth is revolutionary.....)
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To: matt04

...........We didn’t bail out GM, we bailed out the Unions which destroyed GM..................

And as GM earned $4 billion, and Zer0’s team gave away 40% of GM equity to the unions, the unions get credit of $1.6 billion in this year’s pretax profit,

while the US taxpayers take $10 billion in the shorts, and get no income tax revenue from GM’s success.


21 posted on 12/09/2013 9:19:41 PM PST by Noob1999 (Loose Lips, Sink Ships)
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To: Innovative
We need to look on the bright side.

Look at all the union jobs that were saved!

22 posted on 12/09/2013 9:33:22 PM PST by Gritty (The emperor has hipster garb, but underneath he’s just another Commissar Squaresville - Mark Steyn)
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To: Innovative

bkmk


23 posted on 12/09/2013 9:48:35 PM PST by AllAmericanGirl44 ('Hey citizen, what's in YOUR closet?')
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To: Fzob; matt04; Noob1999

matt and Noob got it right - this was all about the union.


24 posted on 12/09/2013 9:49:37 PM PST by volunbeer (We must embrace austerity or austerity will embrace us)
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To: Innovative

Yea but that is only 1% of a Trillion so what’s the big deal?
You must be one of those evil Tea people.

/s


25 posted on 12/09/2013 10:42:34 PM PST by mowowie
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To: Innovative

This paints a good picture of progressive government as money manager and why social security is a myth.


26 posted on 12/10/2013 1:16:44 AM PST by clearcarbon
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To: Noob1999
the US taxpayers take $10 billion in the shorts,

That's what the loony left say, but as usual the news keeps getting worse (from here):

The Treasury Department on Monday announced that the government has sold its remaining shares of General Motors (GM) and that losses from the 2009 auto industry bailout total about $15 billion.


27 posted on 12/10/2013 3:08:46 AM PST by expat_panama
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To: Tzimisce

You’re telling us you’d trade what few morals you may have for one of their union cards, if you couldn’t have won a democrat seat somewhere.

That’s despicable.

HF


28 posted on 12/10/2013 8:00:27 AM PST by holden
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To: Innovative

A 40 year old volunteer retard told me obama was the greatest president ever because GM paid us back. And that was 3 three years ago.


29 posted on 12/10/2013 9:56:57 AM PST by VerySadAmerican (".....Barrack, and the horse Mohammed rode in on.")
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To: Vendome

Has GM paid a single dime of income taxes under Obama???

I don’t think so.


30 posted on 12/10/2013 10:22:20 AM PST by ridesthemiles
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To: All

Back when GM refinanced their “loan” it was reported that they had paid off the loan. Lots of dumb liberals were on FB praising obama as the greatest president ever because he got all the money back. That’s the stupidity we’re dealing with. I don’t understand how anyone can stand spending time with one of these idiots.


31 posted on 12/10/2013 2:17:04 PM PST by VerySadAmerican (".....Barrack, and the horse Mohammed rode in on.")
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