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?
U.S. Balks at GM Plan
Government Is Reluctant to Sell Auto Stake at a Huge Loss
LOVE IT...I have frequent opportunities to kill time in a Chevy Dealership.
Let the smack talk begin!!
They can’t attract top talent? Must take a lot of talent to screw on lug nuts on the assembly line, because they made sure that top talent was rewarded. BS. You made your bed and the Democrats have peed in it. Roll over and look for a dry spot.
Bailouts have consequences. I’ll never voluntarily give GM or Chrysler another dime now that Big Daddy Obama picked my pockets on their behalf. I’ve owned five GM vehicles, including three bought new. I traded in the final one a few years ago and I’m never buying another.
0bama’s govt gave $50 billion for 27% of GM
GM’s current market cap is $37.38 billion
the federal govt spent $50 billion dollars ...
for $10 billion worth of goods
(Romney camp should pick this up and run with it)
My friend just bought a Ford F150 because 0 owns GM. He has been a GM buyer for a long time.
Who would want them?
They had to tie steak pizzaiola around Chrysler’s neck to get the Italians to bite.
GM doesn’t get it. If Barry sells his shares then it wouldn’t be communism anymore.
Exactly. If GM dropped the Volt it would probably be the most high profile failure of something Obama championed. The Obama Admin cant have that so close to the election.
Yes it would.
The Unions would then be the majority shareholders......
“...therefore I will not be buying any GM products manufactured before 2009...”
I think you mean AFTER 2009?
“but it would be a disaster to sell it at the bottom of the market.”
Lots of analysis are predicting GM heading into bankruptcy again in the not-to-distant future. The current stock price might actually be a market high. By holding the stock so the Obammunists don’t have realize the loss, we taxpayers are likely to end up with nothing out of GM.
You are right. I was thinking ‘Before 2009’ was alright...........
This is right out of Atlas Shrugged. This is what happens in a world dominated by "partnerships" between government and business, aka "crony capitalism."
AS II hits the screens on 10/12/12.
General Motors may have an or plan for Obama.They can tell him if he won’t cut the ties they will shut down factories here and use the China plants.
General Motors may have an or else plan for Obama.They can tell him if he won’t cut the ties they will shut down factories here and use the China plants.
You don’t threaten your largest shareholder, especially if they are from Chicago...........
Obama can’t allow it to be sold because of his mentoring by Frank Marshall Davis.
In short, it would be easy to picture Frank Marshall Davis, if he were president of the United States, nationalizing GM. Clearly, Davis would have favored some significant government action to manage and control General Motors. Im certain he would have been pleased with Barack Obamas actions with GM.
Depends on what mob is bigger.Chicoms are very powerful.
Actualy Charlie Wilson said “I always thought what was good for the country was good for General Motors and vice-versa”
What you said! My 07 Ford Taurus I bought last June is running just fine, thank you. Ford's the only domestic automaker I'll consider anymore.
Queen Borg... sigh...