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U.S. sells all its GM shares taking $10B loss
CBC News ^ | 12/9/2013 | CBC News

Posted on 12/09/2013 4:08:46 PM PST by Dallas59

The U.S. government ended up losing $10.5 billion US on its bailout of General Motors, but still says the alternative would have been much worse.

Treasury Secretary Jacob Lew announced Monday that the government sold its remaining shares in the Detroit automaker.

The government received 912 million GM shares, or a 60.8 per cent stake in the automaker, in exchange for a $49.5 billion bailout during the financial crisis in 2008 and 2009. It recovered $39 billion of the money, meaning taxpayers came up more than $10 billion short.

(Excerpt) Read more at cbc.ca ...


TOPICS: Crime/Corruption; Culture/Society; Government; US: Michigan
KEYWORDS: generalmotors; gm; lawlessnation; michigan; obama; obamalies; unionbailout

1 posted on 12/09/2013 4:08:46 PM PST by Dallas59
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To: Dallas59

CBSnews is reporting a profit of 10B$


2 posted on 12/09/2013 4:15:07 PM PST by bunkerhill7 ("The Second Amendment has no limits on firepower"-NY State Senator Kathleen A. Marchione.")
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To: Dallas59

The alternative would have been the direct “loss” of 77,000 UAW jobs at GM in the US and indirect loss of 200,000 supporting jobs in the US. However, the vast majority of those jobs would have been picked up by other auto companies and suppliers, which would have taken over many of those facilities and hired most of the productive, skilled workers, although perhaps not with the requisite groveling in front of the UAW.

The alternative would have been to avoid crony capitalism. The alternative would have rewarded well-run companies and punished those that made reckless decisions. The alternative would have been MUCH better; what we chose instead would have made the National Socialists happy and did make their modern cousins, the Obama voters happy.


3 posted on 12/09/2013 4:16:34 PM PST by Pollster1 ("Shall not be infringed" is unambiguous.)
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To: Dallas59

GM wasn’t bailed out. The UAW was bailed out.


4 posted on 12/09/2013 4:16:39 PM PST by Proud2BeRight
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To: Dallas59
Actually the lose was cut somewhat as opposed to what it was two years ago if you can believe that. The Gubermint got out as car manufactures have been making loans to anyone with a heartbeat, Got crash?
5 posted on 12/09/2013 4:16:49 PM PST by DAC21
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To: Dallas59

BUT him saved those union jobs, motor voters don’t cha no?


6 posted on 12/09/2013 4:17:18 PM PST by Recompennation (Constitutional protection for all not just selectively for Democrats.)
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To: Pollster1
You nailed it.
FGM would've been reborn, not bailed out...
7 posted on 12/09/2013 4:18:09 PM PST by Eric in the Ozarks ("Say Not the Struggle Naught Availeth.")
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To: bunkerhill7

“CBSnews is reporting a profit of 10B$”

there was a 10b profit. for the unions.


8 posted on 12/09/2013 4:18:19 PM PST by willywill
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To: Pollster1

Exactly—well stated.


9 posted on 12/09/2013 4:18:41 PM PST by 9YearLurker
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To: Pollster1

Get real, a bankruptcy would NOT have meant that GM close its doors. It would simply mean that they would have the opportunity to reorganize its debts and it would have allowed them to get out from under the crushing union contracts that pay a moron $100k a year to install windshield wipers.

The bailout was nothing but a way for Obastard to pay back the UAW for spending millions of dollars to elect Rats.


10 posted on 12/09/2013 4:20:41 PM PST by Blood of Tyrants (From time to time the.tree of liberty must be watered with the blood of tyrants and patriots.)
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To: Dallas59

Soooo...

Now will they compensate the corporate bondholders that they shafted at the time of the takeover?

Why haven’t there been massive lawsuits over that?


11 posted on 12/09/2013 4:23:37 PM PST by ROCKLOBSTER (Celebrate "Republicans Freed the Slaves" Month.)
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To: Pollster1

There is the story of a “Corporate Raider” from the late 1980’s.

He was in court and fined some ridiculous dollar amount. He told the judge that it would take him a week or so to raise the money since he would need to liquidate his positions.

The Gov’t prosecutor said “That’s OK, we’ll take the positions”. He said “I strongly recommend you sell everything and take the cash”.

They ended up taking the positions and they got destroyed.


12 posted on 12/09/2013 4:25:29 PM PST by Zeneta
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To: Dallas59

Wait a minute. The 0bama administration claimed GM paid back all the money. Of course we all knew that was a lie at the time. Did the admin ever admit the original lie? I lost my lie scorecard.


13 posted on 12/09/2013 4:25:41 PM PST by Conspiracy Guy (Did the ancients know they were ancients? Or did they see themselves as presents?)
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To: Dallas59

14 posted on 12/09/2013 4:26:29 PM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole..)
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To: Proud2BeRight

If it were within my power I would bleed the UAW of every penny that the bond holders lost. I wouldn’t care if they were left on the street living in boxes.


15 posted on 12/09/2013 4:27:11 PM PST by Bobalu (White Boy Think A Lot)
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To: Dallas59

So even when Obama picks “winners”, they’re losers.

Poor. American. Taxpayers.

Screwed again.


16 posted on 12/09/2013 4:27:34 PM PST by JudyinCanada
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To: Dallas59
We seem to have conflicting sources on this thread.

In plain words, did the government LOSE 10B....or did it MAKE 10B ???

Leni

17 posted on 12/09/2013 4:30:47 PM PST by MinuteGal
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To: Dallas59

BIG GOVERNMENT IS CRONY SOCIALISM/FASCISM.

Socialism Is Legal Plunder - Bastiat

http://www.usdebtclock.org

the plunder continues…

How to Identify Legal Plunder

But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.

Then abolish this law without delay, for it is not only an evil itself, but also it is a fertile source for further evils because it invites reprisals. If such a law — which may be an isolated case — is not abolished immediately, it will spread, multiply, and develop into a system.

The person who profits from this law will complain bitterly, defending his acquired rights. He will claim that the state is obligated to protect and encourage his particular industry; that this procedure enriches the state because the protected industry is thus able to spend more and to pay higher wages to the poor workingmen.

Do not listen to this sophistry by vested interests. The acceptance of these arguments will build legal plunder into a whole system. In fact, this has already occurred. The present-day delusion is an attempt to enrich everyone at the expense of everyone else; to make plunder universal under the pretense of organizing it.

Bastiat “The Law”


18 posted on 12/09/2013 4:30:56 PM PST by PGalt
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To: Dallas59

Obama throwing taxpayer funds after bad investments.


19 posted on 12/09/2013 4:31:17 PM PST by OrioleFan (Republicans believe every day is July 4th, Democrats believe every day is April 15th.)
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To: Proud2BeRight

Screw GM and the UAW
Let them rot.
Where is the GOP?
What’s next, Detroit?


20 posted on 12/09/2013 4:32:21 PM PST by redshawk (0pansy is a Liar and Hates.........he just hates!)
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To: Dallas59

That is OUR money just thrown away.............


21 posted on 12/09/2013 4:32:25 PM PST by blueyon (The U. S. Constitution - read it and weep)
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To: hosepipe

Well-stated (#14), hosepipe. BTTT!


22 posted on 12/09/2013 4:33:38 PM PST by PGalt
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To: Conspiracy Guy

That’s right, It had been reported that GM paid it back.


23 posted on 12/09/2013 4:34:09 PM PST by redshawk (0pansy is a Liar and Hates.........he just hates!)
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To: Dallas59

“...the alternative would have been much worse.”

Yes, Obama’s people would have had to buy their own sh*tty cars.


24 posted on 12/09/2013 4:35:59 PM PST by Jack Hammer
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To: bunkerhill7

Re “CBS news is reporting a profit of 10B$”.

Media whores always report a profit whether it is real or not. Otherwise they would have to tell the truth and that ain’t gonna happen under the Obama regime.


25 posted on 12/09/2013 4:36:02 PM PST by MadMax, the Grinning Reaper
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To: redshawk

It’s impossible to keep up with all the poop these jackworms throw in the air.


26 posted on 12/09/2013 4:39:26 PM PST by Conspiracy Guy (Did the ancients know they were ancients? Or did they see themselves as presents?)
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To: Dallas59

But nobody ever asks and nobody every explains “how the alternative would have been worse”. In what way? Obama bailed out GM to give the auto unions controlling interest by way of kicking the preferred bondholders under the bus to get nothing in return for their investments. The administration selectively put out of business all the suppliers who were not of the “correct” (i.e. DemoRAT) political bent. Even after the bailout, GM went bankrupt anyway and they’ll go bankrupt again with the unions running the show. GM has taken their manufacturing and marketing overseas to China. How has this “saved” US jobs, as Obama so oft repeated. Oh, wait a minute. I forgot....Obama has proven himself to be a LIAR!

Again, how was this a good thing for the taxpayers who were fleeced for at least a net $10 billion loss? How did this benefit them? Or the auto industry? Letting GM go bust without government intervention would have meant that other investors would have bought up the assets and either started a new company or other existing, profitable companies would have filled the void and saved the taxpayers $10 billion. This scam obviously didn’t benefit Detroit either. Look where they’re at right now. In the middle of filing bankruptcy themselves.

This was just one big DemoRAT fluster-cuck to steal $10 billion from the US treasury. Legal theft. This administration is a Continuing Criminal Enterprise (CCE) and should be prosecuted for their frauds and crimes. Oh, wait a minute. I forgot....Eric “The Red” Folder would have to initiate that.

I’m not holding my breath.


27 posted on 12/09/2013 4:40:00 PM PST by HotHunt
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To: JudyinCanada

We are in a continual “love fest” with this $hithead!


28 posted on 12/09/2013 4:50:48 PM PST by SgtHooper (If at first you don't succeed, skydiving is not for you.)
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To: Dallas59

So can GM finally go into bankruptcy now?


29 posted on 12/09/2013 5:03:22 PM PST by RightGeek (FUBO and the donkey you rode in on)
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To: Dallas59

With that bunch of losers we should be grateful that they only lost 10 billion .... they will eventually lose 50-60 billion on green energy “investments” with taxpayer dollars.


30 posted on 12/09/2013 5:06:42 PM PST by RetiredTexasVet (Some people might call it a confidence game or swindle, others call it ObamaCare!)
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To: Proud2BeRight

“GM wasn’t bailed out. The UAW was bailed out.”
And the bondholders didn’t even get an Obamacare waiver.


31 posted on 12/09/2013 5:32:33 PM PST by outofsalt ("If History teaches us anything it's that history rarely teaches us anything")
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To: Dallas59

GM can still go F themselves.


32 posted on 12/09/2013 5:33:44 PM PST by bmwcyle (People who do not study history are destine to believe really ignorant statements.)
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To: SgtHooper

It’s like everyone has scales over their eyes. I still can’t believe he was elected the first time, never mind the second.


33 posted on 12/09/2013 5:38:06 PM PST by JudyinCanada
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To: Dallas59

Oh, well. It’s only $10,000,000,000.00.


34 posted on 12/09/2013 6:35:32 PM PST by Blue Collar Christian (Vote Democrat. Once you're OK with killing babies the rest is easy. <BCC><)
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To: Blue Collar Christian
Oh, well. It’s only $10,000,000,000.00.

I like seeing it printed out like that. Too often words like billion and trillion are just kind of thrown around. A million dollars is a lot of money. A thousand million is really a lot of money, and ten of those is REALLY a lot of money.

35 posted on 12/09/2013 7:25:38 PM PST by Dartman (CDN PM Stephen Harper may not be perfect, but we don't have to be ashamed or embarassed of him.)
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They lost 10 billion taxpayer dollars, but they'll make it up in volume... By wasting MORE taxpayer dollars!

Mark

36 posted on 12/09/2013 7:29:27 PM PST by MarkL (Do I really look like a guy with a plan?)
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To: Zeneta
Reminds me of the time when the owner of "The Mustang Ranch" brothel got into tax trouble, and the federal government took it.

The federal government took an incredibly lucrative business that was making money hand over fist, and ran it into the ground, LOSING MONEY in a legal brothel!

Amazing, isn't it?

Mark

37 posted on 12/09/2013 7:33:38 PM PST by MarkL (Do I really look like a guy with a plan?)
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To: Pollster1

No one is accounting for the money stolen from the real owners of GM.


38 posted on 12/10/2013 5:54:06 AM PST by 1010RD (First, Do No Harm)
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To: redshawk

Just saw a segment on Bloomberg on the new CEO of Chrysler, they sound like Chrysler is strong, and test to guess (she) will go increasingly after electric cars.

I’m interested. She seems like a strong team player. She in large part is also behind the Corvette I believe.

Chrysler is now free of the government. Let’s take another look.

Go Chrysler.


39 posted on 12/10/2013 6:04:40 AM PST by Cringing Negativism Network
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To: 1010RD
No one is accounting for the money stolen from the real owners of GM.

Stiffing the bondholders was the worst crime of all in this terrible and corrupt bailout. I am one of the many decent people who are boycotting NewGM for life. I will not buy a new or used GM, rent a GM, or accept GM parts ever. I don't deal with crooks, and stiffing the rightful claimants on GM assets was unforgivable.

40 posted on 12/10/2013 6:11:47 AM PST by Pollster1 ("Shall not be infringed" is unambiguous.)
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To: Cringing Negativism Network

Sorry I mis-spoke.

Barra was in charge of the brand new, z-28.

She’s been at Chrysler her entire career, started there in her teens as an intern. Studied engineering, and even ran a stint at HR, though she is primarly from operations.

I think she’s the second-highest placed female CEO in America now. She is from Michigan and seems strong.

I’m a fan so far.

Welcome back Chrysler.


41 posted on 12/10/2013 7:08:12 AM PST by Cringing Negativism Network
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To: Pollster1

Me too and I love the Chevy Suburban. Of all the government did, and I hate the bail outs with a passion, stealing from the bondholders was a horrible precedent. What did bondholders do? Are there lawsuits?


42 posted on 12/10/2013 7:41:58 AM PST by 1010RD (First, Do No Harm)
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To: Dartman

Absolutely. Or people should say out loud; “That’s a one after the dollar sign with ten zeros before the decimal point.”


43 posted on 12/10/2013 8:19:44 PM PST by Blue Collar Christian (Vote Democrat. Once you're OK with killing babies the rest is easy. <BCC><)
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