GM Wealth Redistribution Cover-Up

Wall Street Journal ^ | 9/17/2012 | Self

[Positive]

This is an exerpt that illustrates my point:

"At GM's Friday share price of $24.14, the U.S. would lose about $15 billion on the GM bailout if it sold its entire stake. While GM stock would need to reach $53 a share for the U.S. to break even, Treasury officials would consider selling at a price in the $30s, people familiar with the government's thinking have said."

The real Elephant in the Room is that $15,000,000,000 would be locked in as a transfer of wealth from the taxpayers to the United Auto Workers.

Of course, on the other hand, if little timmy holds on long enough the gov will get to preside over GM's next bankruptsy.

[stephenjohnbanker]

This whole GM bailout is a fraud. Tens of billions will never be repaid. Also, GM took all of the gross profit out of Chevrolet, so the dealers are getting hosed.A $30,000 Chevy has only 700.00 markup between invoice, and federal sticker price. Chevy dealers are closing left and right.

[bmwcyle]

Obama needed more money to run for President.

[moovova]

Obama could issue an Executive Order deeming the stock price to be $53.

Problem solved.

[Positive]

"Obama could issue an Executive Order deeming the stock price to be $53.

Problem solved."

Effectively, that may have been what Bernanke did on Thursday with QE3.

[SERKIT]

Here is how I view Government Motors and the media:

The three-hundred-pound gorilla riding the elephant in the room is arranging the deckchairs of the Titanic like a bull in a china-shop, but the media is playing Rumpelstiltskin on Ambien. I learned by metaphors from Dan Rather.

Meanwhile, the theft of the bondholders by big labor and the redistribution of dealerships to Soetoro Cronies should have been investigated by Eric "The Coward" Withholder. Media? ....crickets....

[SERKIT]

Here is how I view Government Motors and the media:

The three-hundred-pound gorilla riding the elephant in the room is arranging the deckchairs of the Titanic like a bull in a china-shop, but the media is playing Rumpelstiltskin on Ambien. I learned by metaphors from Dan Rather.

Meanwhile, the theft of the bondholders by big labor and the redistribution of dealerships to Soetoro Cronies should have been investigated by Eric "The Coward" Withholder. Media? ....crickets....

[Boomer One]

The GM “Bailout” is one of the biggest lies perpetuated upon the American public. Instead of following the long established bankruptcy code, public funds were injected into the company and private funds, taken from individuals and financial institutions, were transferred to the unions. The problem of excessive wages was never addressed and will again present itself, all too soon I fear. In addition, the government intervention was used to promote vehicles that are not fully developed or desired by the public. My immediate family has purchased three cars since the “bailout”, none of them GM products despite one member being a confirmed “GM” owner all of his life and my personal desire to own the Corvette I've always dreamed of. With inflation, proposed increases in the capital gains tax, and increases in Medicare payments soon to take effect - all of which affect my retirement income, I'm even less inclined to support any company supported by the government for political gain.

[blueunicorn6]

They’re afraid the big shots can’t make enough money. Borrow some money from the UAW and then don’t pay them back. Turnabout is fair play.

[ThePatriotsFlag]

Trading my beloved 10 year old Tahoe on a Toyoya. Didn’t even look at a GM car .

[ryan71]

GM made a deal with the devil, literally. Now, they want out. F’em.

[Vaduz]

The gov will get to preside over GM’s next bankruptsy.

Obama’s deterioration plan is working slow and painful.