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A rescue worth fueling (Tax-Cheat Geithner Defends GM, Chrysler Bailouts)
WaPo ^ | 5/31/2011 | Timothy Geithner

Posted on 06/01/2011 10:46:16 AM PDT by mojito

On June 1, 2009, General Motors filed for bankruptcy, backed by $30 billion in support from the federal government. The same day, in the same New York courthouse, a judge approved Chrysler’s plan to forge an alliance with Fiat and emerge from bankruptcy as a restructured business with an uncertain future.

Two years later, all three American automakers have returned to profitability, the industry has added new shifts and 115,000 jobs, and GM and Chrysler have returned more than 50 percent of the government’s investment. The industry is mounting one of the most improbable turnarounds in recent history.

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Crime/Corruption; Editorial; Government
KEYWORDS: chrysler; fiat; geithner; gm; governmentmotors; timothygeithner
I haven't the time to refute all the lies in this piece of Stalinist propaganda, because there are so many of them.

It's safe to say however that it was written because taxpayers are not going to recoup their "investment" in GM.

1 posted on 06/01/2011 10:46:19 AM PDT by mojito
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To: mojito

Now that his signature is widely available on 2009 currency, we can finally put our little Red Stamps to use....


2 posted on 06/01/2011 11:23:16 AM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
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To: mojito

The ONLY purpose of the Auto bailouts was to shore up the Union vote!


3 posted on 06/01/2011 11:29:04 AM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
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To: All
I read the summary without looking at the author or 'source' and immediately I was thinking "this is propaganda" and wasn't surprised it was WA Po, then I notice it's Geithner himself! Good grief!

"Chrysler's plan to forge an alliance with Fiat?" Is that what it is Timmy? As you know Fiat will be majority owner of Chrysler. Is that an "alliance?" Please.

... GM and Chrysler have returned more than 50 percent of the government’s investment.

Bull. As you should know, Timmy, ROI is (Gain from investment - Cost of investment) / (Cost of investment). There's no way our ROI is 50%. The facts are not with you Timmy, it's a net LOSS for taxpayers. 3-4 billion in losses from Treasury's early stock sales between the two.

You know all this. What you did there is imply ROI, that is a profit for the taxpayers, through word games when in fact you are admitting we've around 50% paid back which is just pathetic.

Ford's profitable without your meddling and billions in losses to the taxpayers, Timmy. That's as it should be.

I don't need to read the rest. I know this piece will be duplicated and trumpeted as proof of a rousing bailout success story and not what it is.

4 posted on 06/01/2011 1:38:57 PM PDT by newzjunkey
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