U.S. Hurries to Sell GM Stake(edited)

[Hicup]

~ EXCERPT ~

The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker's stock, people familiar with the matter said.

A sale within the next several months would almost certainly mean U.S. taxpayers will take a loss on their $50 billion rescue of the Detroit auto maker in 2009.

To break even, the U.S. Treasury would need to sell its remaining stake—about 500 million shares—at $53 apiece. GM closed off 27 cents a share at $29.97 in 4 p.m. trading Monday on the New York Stock Exchange, hitting a new low since its $33-a-share November initial public offering.


(Excerpt) Read more at ... WSJ


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Sooo.. Well that's that then..


Tim-

 

[ECU_Drummer]

Re: U.S. Hurries to Sell GM Stake (taxpayers get hosed)

Sooo.. Well that's that then..


Tim-

I thought this was going to be such a great deal?

 

[American]

Re: U.S. Hurries to Sell GM Stake (taxpayers get hosed)

I thought this was going to be such a great deal?

So the UAW can buy low, right?

 

[Ikari]

Re: U.S. Hurries to Sell GM Stake (taxpayers get hosed)

Sooo.. Well that's that then..


Tim-

Corporate capitalism is such a wonderful thing, no?

 

[Councilman]

Re: U.S. Hurries to Sell GM Stake (taxpayers get hosed)

Corporate capitalism is such a wonderful thing, no?

Yes if the system had been allowed to work GM would have gone belly up or file Bankruptcy and sunk or swim on their own at no cost to us, and the Corp. may have been able to renegotiate with the UAW or give them and ultimatum.

The system needs to be left alone and sorry if it fails from time to time.

I blame Unions for a lot of it and poor Management and over Government Regulations and taxes for the rest.

Since I retired I find I can live with a lot less than I thought, and I'm doing just fine. without having to pay a Union to intimidate a boss and spend millions on Liberal fools, and thugs, like Obama, and the protesters we saw over the week end. How Hateful can you get?

 

[The Prof]

Re: U.S. Hurries to Sell GM Stake (taxpayers get hosed)

wow, 3 pinochios

from wapo's factchecker

on the issue the slasher wants most to run victory laps around, his rescue of the entire auto industry

today:

With some of the economic indicators looking a bit dicey, President Obama traveled to Ohio last week to tout what the administration considers a good-news story: the rescue of the domestic automobile industry. In fact, he also made it the subject of his weekly radio address.

We take no view on whether the administration’s efforts on behalf of the automobile industry were a good or bad thing; that’s a matter for the editorial pages and eventually the historians. But we are interested in the facts the president cited to make his case.

What we found is one of the most misleading collections of assertions we have seen in a short presidential speech. Virtually every claim by the president regarding the auto industry needs an asterisk, just like the fine print in that too-good-to-be-true car loan.

President Obama's phony accounting on the auto industry bailout - The Fact Checker - The Washington Post

fair use prevents my copying the pinochios and wapo's corrections

the "misrepresentations" called out by wapo's factchecker were:

chrysler repaid every dime it borrowed from the taxpayers during my presidency---6 years ahead of schedule---and this week's deal with fiat will leave the company in 100% private hands

the big 3 are all hiring faster than any time since the 90's

and: gm plans to hire all workers laid off during the recession

wapo also calls "a strawman," the slasher's assertion that the alternative to his and bush's bailouts was to do nothing

how i've come to loathe that word, strawman

y'know, around here

so many followers, so few leaders

of course a person like myself would naturally note wapo's tossing of terms like "weasel words" and "chicanery"

look, i don't believe wapo anymore than you do

i think the larger point is---the slasher has evidently lost and is continuing to lose a certain important portion of his most elitist base

i mean, to call him a liar

and on this, his prettiest plank

well, as always, it is what it is

wapo also seems to find it worth mentioning to report that 46% ownership of gm belongs to the uaw