Skip to comments.General Motors pushing U.S. to sell stake: report [Obama says NO]
Posted on 09/17/2012 8:57:48 AM PDT by Red Badger
CHICAGO (MarketWatch) -- 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 GM -1.27% 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.
(Excerpt) Read more at marketwatch.com ...
You (GM) have been absorbed.
And here I was hoping that the theft of the bondholders by the unions would have gone to the Supreme Court by now....Huh. Or how about the GM dealerships taken away and given to Barry’s Cronies? .....crickets.... Crony Crapitalism at its finest.
You can’t back down from a deal with the devil!
If GM gets free from the Government their first move will be to drop the Losing Volt.
Obama can;t have thet.
The government is like a Boa Constrictor. Once you are in its clutches, you are squeezed until you die.................
I was just about ready to assume that GM likes the current arrangement. I’m glad to know that I would have been wrong.
Maybe some of the GM brass have been reading up here on FR...If they do they’d be getting a damned good idea of how some folks feel about GM since they’ve partnered with Obama.
Note to GM: Cut the crap and cut ‘em a check now, biatch!
It’s like playing poker.
Obama has an inside straight and is fixing to draw.........
They are getting feedback from past customers. The comments are get rid of the government.
Well, on the bright side for me, I now have "Crossroads" echoing in my head.
It doesnt say what the loss would be.
The US Treasury would take a huge loss if they sold off the GM stock at current prices. It was a mistake to take on this stock in the first place, but it would be a disaster to sell it at the bottom of the market.
Of course, if there is money to be make by Obama cronies, consider it a done deal!
Billions and billions...........Carl Sagen..........
“What’s good for GM is good for America.”
That’s why they won’t do it................
I have a family member that used to work at a Chevy dealership and he says that at least once a week someone would come in, look around, talk like they were really interested but would then leave. As they were departing, they would LOUDLY tell the showroom that Chevy vehicles aren’t worth paying for TWICE!
He used to laugh about it, but several of his co-workers didn’t think it was nearly as funny.
DNC Biden : “GM’s alive and Bin Laden’s dead”
America’s rich again with all those GM profits coming back to the Treasury, and we are at peace too having ‘beat’ them. Obama/Biden fixed EVERYTHING!
The appropriate action would be to GIVE IT BACK to the rightful shareholders and let them vote on where they want the company to go.
Since they got rid of all the dealerships whose owners had contributed to Republican candidates, the only ones left are obviously Democrats, therefore I will not be buying any GM products manufactured before 2009................
Not likely to happen in this universe...............
“...the U.S. taxpayers now own almost 27% of the company”
But...but...back in 2008, Obama said the federal government wasn’t interested in the business of running private business, and that the plan was to “get in and then get out” as quickly as possible?
Gosh, you’d think Obama wasn’t being honest with us back then!
/do I really need a sarc tag?