Skip to comments.U.S. exits GM stake in $10 billon loss for taxpayers
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 ...
I'd like a deal like that for myself...
I would love to see the money trial on this bit of world class grifting. Someone made a lot of money on our backs.
Yeah.........what was that saying from P. T. Barnum ???
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.
Yea now they don’t even feel the need to disguise it. They just take it via Obamacare
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.
Not to mention the five billion in stimulus funds given to them. And also, wasn't some of the loan money forgiven?
Obama’s statement on selling GM stake:
” Today, were closing the book by selling the remaining shares of the federal governments 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.
Other than dealing happy smoke, Bolivian marching powder and poppers, has this guy EVER made a profit?!
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.”
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.
Some of those billions they throw around end up being laundered into campaign funds.
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!
They're also conveniently omitting mention of the billions lost by private investors in their bonds.
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.
If I were a Union member or liberal politician, I’d be laughing and crapping on everyone too.......
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.
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?
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....
no, I’m getting to the point where I want a deal too.....anything...something...
...........We didnt 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.
Look at all the union jobs that were saved!
matt and Noob got it right - this was all about the union.
Yea but that is only 1% of a Trillion so what’s the big deal?
You must be one of those evil Tea people.
This paints a good picture of progressive government as money manager and why social security is a myth.
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.
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.
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.
Has GM paid a single dime of income taxes under Obama???
I don’t think so.
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.