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General Motors pushing U.S. to sell stake: report [Obama says NO]
www.marketwatch.com ^ | 09-17-2012 | William Spain

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 ...


TOPICS: Business/Economy; Crime/Corruption; Government; US: Michigan
KEYWORDS: automakers; generalmotors; gm; gmwantsout; governmentmotors; sourcetitlenoturl

1 posted on 09/17/2012 8:57:51 AM PDT by Red Badger
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To: Red Badger

You (GM) have been absorbed.


2 posted on 09/17/2012 8:58:59 AM PDT by bmwcyle (Corollary - Electing the same person over and over and expecting a different outcome is insanity)
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To: Red Badger

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.


3 posted on 09/17/2012 9:01:51 AM PDT by SERKIT ("Blazing Saddles" explains it all.......)
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To: Red Badger

You can’t back down from a deal with the devil!


4 posted on 09/17/2012 9:03:57 AM PDT by Internet Walnut
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To: Red Badger

If GM gets free from the Government their first move will be to drop the Losing Volt.

Obama can;t have thet.


5 posted on 09/17/2012 9:04:22 AM PDT by Venturer
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To: Internet Walnut

The government is like a Boa Constrictor. Once you are in its clutches, you are squeezed until you die.................


6 posted on 09/17/2012 9:07:45 AM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: bmwcyle

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!


7 posted on 09/17/2012 9:09:10 AM PDT by equaviator (There's nothing like the universe to bring you down to earth.)
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To: Venturer

It’s like playing poker.
Obama has an inside straight and is fixing to draw.........


8 posted on 09/17/2012 9:09:57 AM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: equaviator

They are getting feedback from past customers. The comments are get rid of the government.


9 posted on 09/17/2012 9:12:26 AM PDT by bmwcyle (Corollary - Electing the same person over and over and expecting a different outcome is insanity)
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To: Internet Walnut
You can’t back down from a deal with the devil!

Well, on the bright side for me, I now have "Crossroads" echoing in my head.

10 posted on 09/17/2012 9:15:25 AM PDT by ClearCase_guy (ua)
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To: Red Badger

It doesnt say what the loss would be.


11 posted on 09/17/2012 9:20:22 AM PDT by sickoflibs (Romney is still a liberal. Just watch him. (Obama-ney Care ))
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To: Red Badger

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!


12 posted on 09/17/2012 9:21:58 AM PDT by Haiku Guy ("The problem with Internet Quotes is that you never know if they are real" -- Abraham Lincoln)
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To: sickoflibs

Billions and billions...........Carl Sagen..........


13 posted on 09/17/2012 9:22:47 AM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: Haiku Guy

“What’s good for GM is good for America.”

That’s why they won’t do it................


14 posted on 09/17/2012 9:26:48 AM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: Red Badger

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.


15 posted on 09/17/2012 9:29:30 AM PDT by ExTxMarine (PRAYER: It's the only HOPE for real CHANGE in America!)
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To: Red Badger

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!


16 posted on 09/17/2012 9:30:43 AM PDT by sickoflibs (Romney is still a liberal. Just watch him. (Obama-ney Care ))
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To: Red Badger

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.


17 posted on 09/17/2012 9:32:49 AM PDT by lurk
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To: ExTxMarine

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................


18 posted on 09/17/2012 9:34:59 AM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: lurk

Not likely to happen in this universe...............


19 posted on 09/17/2012 9:35:56 AM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: Red Badger

“...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?


20 posted on 09/17/2012 9:40:56 AM PDT by DemforBush (100% Ex-Democrat.)
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To: Red Badger
Here's the WSJ headline and sub-headline, 'above the fold,' in the print edition.

U.S. Balks at GM Plan
Government Is Reluctant to Sell Auto Stake at a Huge Loss

21 posted on 09/17/2012 9:44:42 AM PDT by harpu ( "...it's better to be hated for who you are than loved for someone you're not!")
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To: ExTxMarine
"...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!"

LOVE IT...I have frequent opportunities to kill time in a Chevy Dealership.

Let the smack talk begin!!

22 posted on 09/17/2012 9:50:33 AM PDT by harpu ( "...it's better to be hated for who you are than loved for someone you're not!")
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To: Red Badger

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.


23 posted on 09/17/2012 9:57:44 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: equaviator

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.


24 posted on 09/17/2012 10:09:18 AM PDT by jboot (This isn't your father's America. Stay safe and keep your powder dry.)
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To: Red Badger

0bama’s govt gave $50 billion for 27% of GM
GM’s current market cap is $37.38 billion

this means...

the federal govt spent $50 billion dollars ...

for $10 billion worth of goods

(Romney camp should pick this up and run with it)


25 posted on 09/17/2012 10:16:21 AM PDT by sten (fighting tyranny never goes out of style)
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To: Red Badger
Eat your vegetables!
26 posted on 09/17/2012 10:18:41 AM PDT by tumblindice (America's founding fathers: all armed conservatives)
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To: Red Badger

My friend just bought a Ford F150 because 0 owns GM. He has been a GM buyer for a long time.


27 posted on 09/17/2012 10:22:56 AM PDT by US_MilitaryRules (Unnngh! To many PDS people!)
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To: Red Badger

Who would want them?

They had to tie steak pizzaiola around Chrysler’s neck to get the Italians to bite.


28 posted on 09/17/2012 10:45:58 AM PDT by Buckeye McFrog
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To: Red Badger

GM doesn’t get it. If Barry sells his shares then it wouldn’t be communism anymore.


29 posted on 09/17/2012 10:59:41 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Venturer

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.


30 posted on 09/17/2012 11:00:14 AM PDT by matt04
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To: Georgia Girl 2

Yes it would.
The Unions would then be the majority shareholders......


31 posted on 09/17/2012 11:01:19 AM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: Red Badger

“...therefore I will not be buying any GM products manufactured before 2009...”

I think you mean AFTER 2009?


32 posted on 09/17/2012 11:22:46 AM PDT by equaviator (There's nothing like the universe to bring you down to earth.)
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To: Haiku Guy

“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.


33 posted on 09/17/2012 11:22:58 AM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: equaviator

You are right. I was thinking ‘Before 2009’ was alright...........


34 posted on 09/17/2012 11:29:39 AM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: Red Badger
You knew this was coming, but...

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.

35 posted on 09/17/2012 11:41:30 AM PDT by Night Hides Not (The Tea Party was the earthquake, and Chick Fil A the tsunami...100's of aftershocks to come.)
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To: Red Badger

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.


36 posted on 09/17/2012 1:01:47 PM PDT by Vaduz
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To: Red Badger

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.


37 posted on 09/17/2012 1:02:10 PM PDT by Vaduz
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To: Vaduz

You don’t threaten your largest shareholder, especially if they are from Chicago...........


38 posted on 09/17/2012 1:06:46 PM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: Red Badger

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. I’m certain he would have been pleased with Barack Obama’s actions with GM.

From: http://www.forbes.com/sites/realspin/2012/08/01/the-marxist-who-mentored-president-obama-on-general-motors/


39 posted on 09/17/2012 1:15:20 PM PDT by Chief901 (Obama Septic Tank Campaign Ads, full of sh!t and smell like crap)
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To: Red Badger

Depends on what mob is bigger.Chicoms are very powerful.


40 posted on 09/17/2012 1:28:34 PM PDT by Vaduz
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To: Red Badger

Actualy Charlie Wilson said “I always thought what was good for the country was good for General Motors and vice-versa”


41 posted on 09/17/2012 2:57:12 PM PDT by Tony in Hawaii (Evacuate? In our moment of triumph?)
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To: jboot
Bailouts have consequences. I’ll never voluntarily give GM or Chrysler another dime now that Big Daddy Obama picked my pockets on their behalf.

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.

42 posted on 09/17/2012 3:09:15 PM PDT by Marathoner (DNC: Fluke, Clinton, Warren: The slut, the pimp and paleface)
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Bookmarked...


43 posted on 09/18/2012 2:34:39 AM PDT by Las Vegas Dave (".....All 57 states (or is it 58?) must stand together and defeat O'bozo!.....")
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To: tumblindice

Queen Borg... sigh...


44 posted on 09/18/2012 12:57:08 PM PDT by Haiku Guy (Hello. My name is Inigo Montoya. You killed my father. Prepare to die!)
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