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 ...
...........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.
Look at all the union jobs that were saved!
bkmk
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.
/s
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.
That’s despicable.
HF
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.