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Thread: GM's union recovering after stock sale Taxpayers and investors not as fortunate as UA

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    GM's union recovering after stock sale Taxpayers and investors not as fortunate as UA

    Obama does not care about the people only those that got him elected. The GM bailout was not for GM or the workers but was for the unions that helped get Obama elected


    GM's union recovering after stock sale - Washington Times

    Thanks to a generous share of GM stock obtained in the company's 2009 bankruptcy settlement, the United Auto Workers is well on its way to recouping the billions of dollars GM owed it putting it far ahead of taxpayers who have recouped only about 30 percent of their investment and further still ahead of investors in the old GM who have received nothing.

    The boon for the union fits the pattern established when the White House pushed GM into bankruptcy and steered it through the courts in a way that consistently put the interests of the union ahead of many suppliers, dealers and investors stakeholders that ordinarily would have fared as well or better under the bankruptcy laws.

    "Priority one was serving the interests of the UAW" when the White House's auto task force engineered the bankruptcy, said Glenn Reynolds, an analyst at CreditSights. The stock offering served to show once again how the White House has handsomely rewarded its political allies, he said.

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    Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

    The idea was to pay off other debts before the taxpayer bailout. Since many of those debts were to other industries, companies, and yes in some cases unions it was thought that those other companies may be in a tough spot themselves and counting on that money. The government reasoned that it was not the top priority for being repaid, so as not to take funds GM may have owed to other companies(ie employeers).

    Also by making itself last in line to be repaid the government knows its no longer necessary to be involved in GM because it would have no debt, or at least no old unpaid debt. If the gov't was first to get paid it may be tempting for some within the government to decide to cut the program short after the gov't was paid, which may undermine the entire purpose for its existence.

    Lastly the government wants to take care of workers first, ensure they are employed and getting paid and taken care of fast. The UAW, which I am no fan of, is actually very popular among those auto workers and they often look to it to keep them afloat during hard times.

    Now was there opportunity for political dealings of a dubious nature between UAW and the gov't? Yes. Did it happen? Maybe. However even the way auto workers feel about their union and political realities, the union is a very powerful player and could make things very difficult for rebuilding GM, the simple fact that the UAW is towards the head of the line to be repaid isn't proof there's back room dealings going on.

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    Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

    Quote Originally Posted by Wiseone View Post
    The idea was to pay off other debts before the taxpayer bailout. Since many of those debts were to other industries, companies, and yes in some cases unions it was thought that those other companies may be in a tough spot themselves and counting on that money. The government reasoned that it was not the top priority for being repaid, so as not to take funds GM may have owed to other companies(ie employeers).

    Also by making itself last in line to be repaid the government knows its no longer necessary to be involved in GM because it would have no debt, or at least no old unpaid debt. If the gov't was first to get paid it may be tempting for some within the government to decide to cut the program short after the gov't was paid, which may undermine the entire purpose for its existence.

    Lastly the government wants to take care of workers first, ensure they are employed and getting paid and taken care of fast. The UAW, which I am no fan of, is actually very popular among those auto workers and they often look to it to keep them afloat during hard times.

    Now was there opportunity for political dealings of a dubious nature between UAW and the gov't? Yes. Did it happen? Maybe. However even the way auto workers feel about their union and political realities, the union is a very powerful player and could make things very difficult for rebuilding GM, the simple fact that the UAW is towards the head of the line to be repaid isn't proof there's back room dealings going on.
    Read the OP the whole bankruptcy was setup by Obama to benefit the union

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    Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

    Not only was it for the benefit of the Union, they are part of the problem not only in the Auto industry but in Government in General.

    California is on it's death bed and we owe a great deal of the cause for it to Unions and that is the fault of the new/old rotten Gov. Jerry the clown Brown. The only difference in Brown today and back in the 70s is this time in stead of pretending to have a girl friend he now pretends to have a wife.

    Unions should be banned from government and suddenly things would look a lot better.
    Last edited by Councilman; 11-28-10 at 03:39 PM.

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    Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

    Quote Originally Posted by Wiseone View Post
    The idea was to pay off other debts before the taxpayer bailout. Since many of those debts were to other industries, companies, and yes in some cases unions it was thought that those other companies may be in a tough spot themselves and counting on that money. The government reasoned that it was not the top priority for being repaid, so as not to take funds GM may have owed to other companies(ie employeers).

    Also by making itself last in line to be repaid the government knows its no longer necessary to be involved in GM because it would have no debt, or at least no old unpaid debt. If the gov't was first to get paid it may be tempting for some within the government to decide to cut the program short after the gov't was paid, which may undermine the entire purpose for its existence.

    Lastly the government wants to take care of workers first, ensure they are employed and getting paid and taken care of fast. The UAW, which I am no fan of, is actually very popular among those auto workers and they often look to it to keep them afloat during hard times.

    Now was there opportunity for political dealings of a dubious nature between UAW and the gov't? Yes. Did it happen? Maybe. However even the way auto workers feel about their union and political realities, the union is a very powerful player and could make things very difficult for rebuilding GM, the simple fact that the UAW is towards the head of the line to be repaid isn't proof there's back room dealings going on.
    The UAW is part of the Leftist Coalition. I would never buy a car made by American union members. Don't help the enemy.

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    Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

    So conspiracies and some guy named glen reynolds? Nothing else?

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    Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

    Quote Originally Posted by Albert Di Salvo View Post
    The UAW is part of the Leftist Coalition. I would never buy a car made by American union members. Don't help the enemy.
    I am not a fan of unions, but unions are not "the enemy". They are made up of just normal folks.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

    Quote Originally Posted by Redress View Post
    I am not a fan of unions, but unions are not "the enemy". They are made up of just normal folks.
    America is divided into two warring camps, each of which is composed of a coalition of special interest groups. The UAW is part of the leftist coalition. Just like the oil and gas industry is part of the conservative coalition.

    The primary purpose of each coalition of special interests is to seize control of the various agencies and instrumentalities of the federal govt. in order to feed at the federal trough. Nothing else matters to them.

    Neither coalition of special interests is capable of permitting the political system to adapt and reform in order to survive changed circumstances in the world.

    Feeding at the federal trough is more important than reforming the political system. Thus, the political system cannot be reformed.

    The political status quo will remain unchanged until the system collapses. Political collapse may also bring economic collapse. Either way, there will be some form of gradual slide to oblivion.

    The collapse will discredit everyone associated with these two coalitions. Rebirth and renewal will remain inchoate until the collapse clears the field for them.

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    Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

    There is no war. I am not at war with any one in this country, nor are most people. Those who engage in over the top rhetoric like "war" do more harm for their causes than good.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

    Quote Originally Posted by Wiseone View Post
    So conspiracies and some guy named glen reynolds? Nothing else?
    No facts Obama apologists refuse to admit

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