Attention U.S. taxpayers: You now own a piece of a French car company that is drowning in red ink.
That’s right. In a move little noticed outside of the business pages, General Motors last week bought more than $400 million in shares of PSA Peugeot Citroen – a 7 percent stake in the company.
Because U.S. taxpayers still own roughly one-quarter of GM, they now own a piece of Peugeot.
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8 comments:
Unbelieveable...
Our entire Country has been scammed, simple fraud scheme, robbed of trillions by a fake president on down.......
So you whiners are complaining now that a corporation is found a good buy and using it to expand into a key market? Hilarious!
Good then they should let us buy Peugeot cars then as they are superior to anything made by GM
So you whiners are complaining now that a corporation is found a good buy and using it to expand into a key market? Hilarious!
March 10, 2012 6:03 PM
I won't call you an idiot. I don't think anyone needs to as it is self-evident.
Peugeot can undoubtedly use the cash. Last year, Peugeot’s auto making division lost $123 million. And on March 1 – just a day after the deal with GM was announced – Moody’s downgraded Peugeot’s credit rating to junk status with a negative outlook, citing “severe deterioration” of its finances.
In other words, General Motors essentially just dumped more than $400 million of taxpayer assets on junk bonds.
Good then they should let us buy Peugeot cars then as they are superior to anything made by GM
March 10, 2012 6:15 PM
lol same goes for you.
Very few people know that Obama and our Government co-signed and backed the bailout to Greece to the tune of 88 trillion dollars.
Greece has defaulted on that loan. We now hold that bag.
Officially we are now 103 trillion dollars in National Debt.
7:19, ha ha. I guess you are one of those people who only invests in something AFTER the tv and radio tells you it's a great company and the price has been jacked up to all time highs.
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