Another chapter in the economic bailout that started in 2008 has closed. The Treasury Department says it will sell the last of the government's General Motors stock. That's 31 million shares. At current prices, the government will bring in $10 billion less than its original investment of $50 billion. At the height of the financial crisis, the government took a nearly two thirds stake in GM. The deal benefited unions by giving them a stake in the company. But it sidestepped bankruptcy protections for GM bond holders.
3:13 nailed it. The taxpayers got to pay rich GM executives millions to close plants and send American jobs overseas. Then, they touted their success and financial wizardry. The taxpayers lost their jobs AND twenty billion. This is what happens when we have a president who has never even run a Kool-Aid stand, making multi-billion dollars decisions about millions of jobs. And now, he's trying to get health care right.....God help us. We going to be borrowing money from Haiti in a few more months....
GM took the money and bought foreign plants, where they are building cars for sale in the US market.
ReplyDeleteWe have basically funded them with tax money while they shipped our jobs to China.....This is totally outrageous...
I will never own another GM product as long as I live...
tl
There will never be another gm product owned by me either
ReplyDelete3:13 nailed it. The taxpayers got to pay rich GM executives millions to close plants and send American jobs overseas. Then, they touted their success and financial wizardry. The taxpayers lost their jobs AND twenty billion. This is what happens when we have a president who has never even run a Kool-Aid stand, making multi-billion dollars decisions about millions of jobs. And now, he's trying to get health care right.....God help us. We going to be borrowing money from Haiti in a few more months....
ReplyDeleteI'll never own a GM.
ReplyDelete