Good work, people. A real triumph of the will we’ve got going on.
I agree with Greta on this one.
If we own the company, we should all get company cars.
To paraphrase:
“The raping and pillaging will continue until prosperity returns.”
If I understand it right... the unions didn't concede anything... the government screwed the bond holders... how exactly do GM have a new beginning?
The government has incentivized the default of a company on its obligations, in order to carve it up and redistribute its assets according to its whims.
The new administration has wasted no time. Clearly radical heavyweights that advise it have a plan.
So, if we are getting $ 8.8 billion in new worthless company stock, that means we only have pissed away about $ 20 billion so far.
And now we get to finance another $ 30 billion with no guarantee of payback.
All done with NO congressional oversight, NO authority from the TARP legislation, and NO Constitutional authority.
the government is spending themselves into bankruptcy sooner than expected
Mr. Taxpayer, this is sound of the fascist Obama s#!tt!ng on your chest.
Having said that, I just wish we the taxpayers weren't left holding the bag for that union thug Gettlefinger and his enabler Obama.
This REALLY sux ...
My extended family has owned a sh*tload of GM stock for close to 100 years - thanks to my Great-Uncle.
He was an executive at New Departure Mfg (a GM subsidiary) in Bristol, CT and was also my Dad’s Godfather.
During the Depression, my Great-Uncle was able to keep our family, friends, and many citizens of Bristol employed (albeit ALL in rotating shifts) at New Departure.
Sure, it wasn’t full-time employment - but it was enough to keep food on the table for all ...
As a result, my Great-Uncle was rewarded by GM with a ton of stock.
When my Great-Uncle died, he willed his stock to my Dad (his Godson) as he had no children.
This stock has since been sometimes distributed to the family from time to time in order to pay for major items such as college educations ...
However, MOST of the stock has NEVER been sold - since it has had TREMENDOUS sentimental value to my family.
It represented the fact that GM (and my Great-Uncle) “saved” our family during the Depression. It also represented our faith in GM ...
Now, I suppose all that is left to do is to request paper stock certificates from our broker so that we can use them as back-up - in case we run out of T.P.