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Government could seek foreign investors for GM (i.e., China)
AP via Yahoo! ^ | September 19, 2010 | Tom Krisher

Posted on 09/19/2010 5:39:37 PM PDT by Brilliant

Investment bankers handling the upcoming General Motors Co. stock sale are expected to court foreign investors as well as those in North America...

GM and the Treasury Department would not comment Sunday on reports that the automaker is in talks with its current partner in China, SAIC, about buying a stake in the Detroit company. SAIC is owned by the Chinese government...

The U.S. Treasury loaned GM about $50 billion to help it through bankruptcy protection last year. GM has repaid $6.7 billion. The rest of the bailout money was converted to a 61 percent government stake in the company.

The government hopes to get the remaining $43 billion back with stock sales that could start in mid-November...

The Treasury statement also said banks underwriting the GM stock sale will be expected to balance getting the maximum price per share and return for taxpayers...

Last week, new GM CEO Daniel Akerson said it will take a couple years for the government to get its money back, but GM has a goal of returning the cash...

The bailout has bred resentment with some car buyers and hurt GM's sales, however. The automaker hopes the stock sale will end its government ownership and raise money for investment and to reduce debt...

Akerson indicated that it would take consistent earnings from GM and several stock sales before the money is returned.

President Obama also has said all taxpayer money will be returned, but spokesmen later said he meant the money his administration pumped into GM, not bailouts made by the Bush Administration...

The company will not sell any shares of common stock, leaving that to the government and its three other shareholders. But it plans to sell preferred stock, which pays a dividend and will be converted to common shares in 2013.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Foreign Affairs
KEYWORDS: automobile; china; gm; socialism
"President Obama also has said all taxpayer money will be returned, but spokesmen later said he meant the money his administration pumped into GM, not bailouts made by the Bush Administration."

That's laughably partisan and ridiculous, particularly since someone else will be President when and if it happens.

1 posted on 09/19/2010 5:39:41 PM PDT by Brilliant
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To: Brilliant
So they steal property from American citizens, and then sell it at a bargain rate to China. At some point even liberals will realize no one buys their lies about Obama.
2 posted on 09/19/2010 5:44:10 PM PDT by highlander_UW (Education is too important to abdicate control of it to the government)
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To: Brilliant

So, this is why the Regime pushed back the stock sale.


3 posted on 09/19/2010 5:44:35 PM PDT by Army Air Corps (Four fried chickens and a coke)
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To: Brilliant

There seems to be a plan coming together here.


4 posted on 09/19/2010 5:46:38 PM PDT by FlingWingFlyer (This isn't going to be "another 1994"! It's another 1776!)
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To: highlander_UW

I guess the government bureaucrats think that the Chinese government is better at running GM than Obama is.

But in the end, GM will be a foreign automaker.


5 posted on 09/19/2010 5:48:20 PM PDT by Brilliant
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To: highlander_UW

Also, the Chincoms will likely close the plants in the US and cart all the tooling back to China. Wait until the UAW guys learn that the Chicoms feel no need to pay their pensions.


6 posted on 09/19/2010 5:48:38 PM PDT by Army Air Corps (Four fried chickens and a coke)
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To: Brilliant

“But in the end, GM will be a foreign automaker.”

That is the absolute best thing that could happen to it. The unions have ruined US auto makers.


7 posted on 09/19/2010 5:51:07 PM PDT by HwyChile
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To: HwyChile

Odds are that the Chinese would close the plants and move the works back to China; so, all the UAW guys who voted for Obama would receive pink slips thanks to Obama.


8 posted on 09/19/2010 5:53:38 PM PDT by Army Air Corps (Four fried chickens and a coke)
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To: Brilliant

I thought China already owned part of GM/ Chevrolet via their “Cherry” car company? (sarc)


9 posted on 09/19/2010 6:02:06 PM PDT by SanFranDan
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To: Army Air Corps
UAW gets cash for their shares they don't care about jobs or owners other than their pension fund
10 posted on 09/19/2010 6:03:31 PM PDT by colonialhk (Elect Veterans not Lawyers)
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To: Brilliant; Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


11 posted on 09/19/2010 6:04:09 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Army Air Corps

Oh great plan, give GM to the Chinese. /sarcasm


12 posted on 09/19/2010 6:05:26 PM PDT by bmwcyle (It is Satan's fault)
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To: Brilliant

I don’t really much care what happens to GM ,or Chrysler either. I never intend to buy another GM or Chrysler product.


13 posted on 09/19/2010 6:07:46 PM PDT by Venturer
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To: Army Air Corps

Unions get the last laughs. Taxpayers fund both unemployment and the unions’ pensions.


14 posted on 09/19/2010 6:10:03 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: Army Air Corps; All

Oh I just love the irony that the unions has to work for the Chicoms.. Hey you union people, how do you like the hope and change??


15 posted on 09/19/2010 6:12:29 PM PDT by KevinDavis (President Obama: The Crybaby in Chief...)
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To: colonialhk

Maybe. They could get screwed just as the bonholders were screwed during the Regime takeover of GM.


16 posted on 09/19/2010 6:15:30 PM PDT by Army Air Corps (Four fried chickens and a coke)
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To: Army Air Corps

Wait until the UAW guys learn that the Chicoms feel no need to pay their pensions.


My thought exactly. Even if some fragment of GM remains in America, my guess is it will contingent on throwing the UAW under the bus.


17 posted on 09/19/2010 6:18:10 PM PDT by rbg81 (When you see Obama, shout: "DO YOUR JOB!!")
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To: Brilliant
The U.S. Treasury loaned GM about $50 billion to help it through bankruptcy protection last year. GM has repaid $6.7 billion.

All after how man $Billions in the failed bailout before that????

18 posted on 09/19/2010 6:24:35 PM PDT by TheBattman (They exchanged the truth about God for a lie and worshiped and served the creature...)
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To: Army Air Corps
Wait until the UAW guys learn that the Chicoms feel no need to pay their pensions.

. That won't matter - I guarantee, the US Taxpayers will pick up the tab for those plumb pensions.

19 posted on 09/19/2010 6:30:13 PM PDT by TheBattman (They exchanged the truth about God for a lie and worshiped and served the creature...)
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To: TheBattman

I wouldn’t buy a government motors car for $20. to hell with those socialist bastards,


20 posted on 09/19/2010 6:36:00 PM PDT by Benchim
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To: TheBattman

Unfortunately, that is likely.


21 posted on 09/19/2010 6:42:23 PM PDT by Army Air Corps (Four fried chickens and a coke)
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To: Brilliant

They burned American bondholders and now are going to sell GM to China. These people are scum. Not Americans. Scum.


22 posted on 09/19/2010 6:47:24 PM PDT by November 2010
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To: November 2010

There is no question that they are subsidizing the Chinese.

Also no question that they think that the Chinese are better at managing companies than Americans.


23 posted on 09/19/2010 6:50:34 PM PDT by Brilliant
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To: Brilliant

Finally those Union workers will find out what it is like to be owned by the MAN.


24 posted on 09/19/2010 7:05:48 PM PDT by therut
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To: therut

It would be unpatriotic for Obama to sell US owned stock to China. Or for the UAW to sell stock to the Chinese.


25 posted on 09/19/2010 7:13:31 PM PDT by Brilliant
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To: Army Air Corps

The irony of it will be epic. I wonder if they can take a New Yawk Lawyah to Beijing and get much done...LOL.


26 posted on 09/19/2010 10:26:01 PM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: Brilliant

Once the company gets into the hands of the Chinese, it will be too late as Ford will have buried them into the ground by then.

Go Ford! The last true Patriotic automotive enterprise. They should start advertising and sponsoring Tea Party events. You want to see a boost in sales, that’s what you do.

Other nations are cheering us on. Let’s make the most of it.


27 posted on 09/20/2010 12:29:52 AM PDT by BocoLoco
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