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Thread: GM Pushing US To Sell Stake

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    GM Pushing US To Sell Stake

    The Treasury Department is resisting General Motors' push for the government to sell off its stake in the auto maker, The Wall Street Journal reports. Following a $50 billion bailout in 2009, the U.S. taxpayers now own almost 27% of the company. But the newspaper said GM executives are now chafing at that, saying it hurts the company's reputation and its ability to attract top talent due to pay restrictions. Earlier this year, GM presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering. But officials at the Treasury Department were not interested as selling now would lead to a multibillion dollar loss for the government, the newspaper noted.
    General Motors pushing U.S. to sell stake: report - MarketWatch

    "it hurts the company's reputation?"

    ouch

    govt motors wants out but tax cheat in chief geithner simply can't AFFORD to let em go

    Treasury: U.S. to lose $25 billion on auto bailout | The Detroit News | detroitnews.com

    3 weeks ago, govt motors politely asked both presidential candidates please to stay away (as if anyone every thought romney or ryan were gonna visit)

    GM tells presidential candidates to stay away - MarketWatch

    the vp for global affairs explained---even republicans and independents buy cars

    what good is it, asks mr ewanik, if 50% of your customers go for ford simply cuzza the politics

    and, of course, the obamamobile is a bust, production suspended twice this year due to anemic sales

    GM losing up to $49,000 per Volt - chicagotribune.com

    munro: "i don't see how gm will ever get its money back on that vehicle"

    ie, the taxpayers will never get THEIR money back

    auto rescue, anyone?

    president punt can't do anything right

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    Re: GM Pushing US To Sell Stake

    you mean GM executives cant do anything right.........

    Gov saved your ***.

    Funny how Gov saves the CEO's and they always complain about the "bad gov"!!!! LMAO

    And GM would not pay WORKING Talent anyway.......They need to pay restrictions to lower executive pay.

    That or show me the offer of $1.5 mil for Mechanical Engineer.........

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    Re: GM Pushing US To Sell Stake

    Funny how Gov saves the CEO's and they always complain
    After Rescue, Bonuses Still Flow At AIG - CBS News

    HuffPo: AIG Bonuses In 2010 Total $100 Million

    Fannie & Freddie bonuses three times the size of AIG bonuses | The Daily Caller

    DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe - ABC News

    This most recent decision follows other high-profile investigations that Justice decided not to prosecute: There was the collapse of AIG and the role of the top executive at AIG Financial Products division, Joseph Cassano, and former Countrywide CEO Anthony Mozillo, who was fined by the SEC in an insider trading case. Citibank and JP Morgan both had multi-million-dollar settlements with the SEC over collateralized debt obligations, or CDOs, tied to the U.S. housing market, but Justice has not brought any criminal cases. Freddie Mac was subpoenaed in a grand jury investigation in 2008 but the firm disclosed in an Aug. 8, 2011, SEC filing that the Justice investigation was closed.
    the appearance of cronyism:

    Report: Cronyism behind Holder's failure to charge bankers | The Daily Caller

    GAI argues that the Obama administration’s decision to not go after Big Finance is due to senior DOJ leadership — Holder, Associate Attorney General Tom Perrelli, Associate Attorney General Tony West, Assistant Attorney General Lanny Breuer, Deputy Attorney General James Cole and Deputy Associate Attorney General Karol Mason — who “all came to the DOJ from prestigious white-collar defense firms where they represented the very financial institutions the DOJ is supposed to investigate.”

    The report details how Holder and Breuer both came to the DOJ from Covington & Burling, a “top-tier Washington law firm” with a client list that includes financial firms like Wells Fargo, J.P. Morgan Chase, Bank of America, CitiBank, Deutsche Bank, Goldman Sachs, ING, Morgan Stanley, UBS and Wilmington Trust.

    Cole, the report outlines, was with Bryan Cave LLP — “a white-shoe firm with A-list clients” — before becoming Holder’s right-hand man at the DOJ. One of Cole’s clients while at Bryan Cave LLP, the GAI report shows, was insurance and financial giant AIG. Cole had done $20 million worth of work for AIG between 2004 and 2008.

    GAI points out how West — the DOJ’s no. 3 official — worked as a white-collar defense attorney for Morrison and Foerster before he came to the DOJ. Morrison and Foerster is currently providing legal representation to MF Global. Holder and Breuer’s old law firm — Covington & Burling — provided legal services to MF Global too, before MF Global sought bankruptcy protection.

    “Five senior Goldman Sachs executives wrote more than $130,000 in checks to the Obama Victory Fund,” GAI continued.
    no bridge burners allowed

    "the obama administration’s doj has not brought criminal charges against a single major wall street executive"

    finally:

    No One Will Be Charged With a Crime for the MF Global Collapse - Yahoo! News

    corzine for treasurer, anyone?

    Corzine to Replace Geithner at Treasury? - CNBC

    disappointed?
    Last edited by The Prof; 09-17-12 at 09:37 PM.

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    Re: GM Pushing US To Sell Stake

    On Monday, GM told bondholders they're about to get next to nothing — about 10% equity in the company — for the about $27 billion they lent GM.

    By contrast, the U.S. Treasury would get a 50% stake and a GM promise to pay back half of the $20 billion in loans.

    The United Auto Workers would get a 39% stake in GM for forgiving about $10 billion owed to a health care trust fund. Existing shareholders get the 1% left.
    GM's proposal would give bondholders next to nothing - USATODAY.com

    GM bondholders resist U.S. takeover

    in cruel contrast:

    For 30 years, Dale Richards lived his dream, working in the automotive industry as a supervisor at the General Motors parts plant in Oak Creek. But his career was cut short after GM spun off parts-maker Delphi Corp., which closed the plant in November 2008. Now, Richards and thousands of other Delphi salaried retirees could see their monthly pension checks cut between 30% and 70% as the government-run Pension Benefit Guaranty Corp. has taken over the company's retirement fund.

    As a result, the average Delphi salaried retiree - many of whom were forced into early retirement by Delphi's bankruptcy - stands to lose $300,000 in pension payments over his or her lifetime.

    It's especially upsetting given that the pensions of Delphi's hourly wage retirees, represented by the United Auto Workers, will not be reduced.

    Delphi also no longer pays for Richards' medical insurance or life insurance, two benefits he counted on for his retirement.

    "Where's the justice?" Richards asks. "This was money we worked for."
    Delphi salaried retirees take pension hit

    poor mr roberts and his 20,000 fellows---they just don't have the right friends

    thank goodness joe soptic's wife never worked at delphi

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    Re: GM Pushing US To Sell Stake

    And THAT, in sport terms, is called a SHUT DOWN.

    As an aside, however, I think that the ONLY reason GM wants that other 27% back is so that they can once again start rewarding each other with ginormous bonuses, and the like, despite the company not doing well enough to warrant such actions.

    I think that's the primary issue with ALL large corps, now. The top company brass are only in it for the money, and they are perfectly willing to bleed a company, if it nets them 200 million, and then they can go and retire peacefully. None of this was happening when the folks that FOUNDED these companies were running them, knowwhatImean?
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: GM Pushing US To Sell Stake

    Quote Originally Posted by KevinKohler View Post
    And THAT, in sport terms, is called a SHUT DOWN.

    As an aside, however, I think that the ONLY reason GM wants that other 27% back is so that they can once again start rewarding each other with ginormous bonuses, and the like, despite the company not doing well enough to warrant such actions.

    I think that's the primary issue with ALL large corps, now. The top company brass are only in it for the money, and they are perfectly willing to bleed a company, if it nets them 200 million, and then they can go and retire peacefully. None of this was happening when the folks that FOUNDED these companies were running them, knowwhatImean?
    So you think that GM wants the government to sell its shares just so that they can start offering better executive compensation packages? You don't think that the stigma of being known as "Government Motors" has anything to do with it? You don't think that maybe the idea of Treasury appointing Directors is unappealing to them?

    They made a deal with Mr. Scratch and now they're looking for Daniel Webster to come along and get them off the hook.

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    Re: GM Pushing US To Sell Stake

    Quote Originally Posted by Lutherf View Post
    So you think that GM wants the government to sell its shares just so that they can start offering better executive compensation packages? You don't think that the stigma of being known as "Government Motors" has anything to do with it? You don't think that maybe the idea of Treasury appointing Directors is unappealing to them?

    They made a deal with Mr. Scratch and now they're looking for Daniel Webster to come along and get them off the hook.
    Read the OP, 3rd sentence in.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: GM Pushing US To Sell Stake

    Quote Originally Posted by 274ina View Post
    you mean GM executives cant do anything right.........

    Gov saved your ***.

    Funny how Gov saves the CEO's and they always complain about the "bad gov"!!!! LMAO

    And GM would not pay WORKING Talent anyway.......They need to pay restrictions to lower executive pay.

    That or show me the offer of $1.5 mil for Mechanical Engineer.........
    Let's get something straight pal, Obama saved union ass in that deal. That's what it was all about. It had zero to do with saving GM execs.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: GM Pushing US To Sell Stake

    Quote Originally Posted by KevinKohler View Post
    Read the OP, 3rd sentence in.
    I guess I misread what you wrote. It sure seemed to me that you were saying that the only reason GM wanted the stock out of government hands was so that they could offer "ginormous" bonuses but now you seem to be referring me back to the OP. Well, "ginormous" bonuses and attracting better talent are two different things.

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    Re: GM Pushing US To Sell Stake

    Quote Originally Posted by Lutherf View Post
    I guess I misread what you wrote. It sure seemed to me that you were saying that the only reason GM wanted the stock out of government hands was so that they could offer "ginormous" bonuses but now you seem to be referring me back to the OP. Well, "ginormous" bonuses and attracting better talent are two different things.
    "But the newspaper said GM executives are now chafing at that, saying it hurts the company's reputation and its ability to attract top talent due to pay restrictions."

    That's the sentence in question. The part in bold is what I am referring to, within the sentence in question. Ginormous bonuses fall under the category of pay, and, I would imagine, are part of that "pay restriction" in the later part of the sentence being discussed. "Top talent" refers, MOST LIKELY, to executive level officers, NOT to engineers, designers, etc. The very BEST engineers can hope to make, what, 250K a year? THAT pay is not restricted at all. So, one deduces, using logic and reason, that the top talent being discussed IS, in fact, senior level executives...the ones who, prior to the bailout and subsequent government take over of the company, were granting each other bonuses in the neighborhood of one million or more, EACH, despite flagging sales, DESPITE poor stock performance, DESPITE poor management, and DESPITE a very bleak future P and L projection, due to all the prior issues listed.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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