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 Chryslers 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 governments investment. The industry is mounting one of the most improbable turnarounds in recent history.
(Excerpt) Read more at washingtonpost.com ...
It's safe to say however that it was written because taxpayers are not going to recoup their "investment" in GM.
Now that his signature is widely available on 2009 currency, we can finally put our little Red Stamps to use....
The ONLY purpose of the Auto bailouts was to shore up the Union vote!
"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 governments 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.
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.