GM to mean General Motors once again

[CitadelGrad]

A sale within the next several months would almost certainly mean U.S. taxpayers will take a loss on their $50 billion rescue of the Detroit auto maker in 2009.

To break even, the U.S. Treasury would need to sell its remaining stake—about 500 million shares—at $53 apiece. GM closed off 27 cents a share at $29.97 in 4 p.m. trading Monday on the New York Stock Exchange, hitting a new low since its $33-a-share November initial public offering.

http://online.wsj.com/article/SB1000142 ... ?mod=e2tw#

[BDKJMU]

Why the govt never should have bailed them out- the tax dollars are likely never to be recouped.

[AZGrizFan]

Can't be true. Only the banking industry is bad.

[Baldy]

Can't be true. Only the banking industry is bad.

That's because the banking industry isn't full of union members whose votes Obama needs to buy.
I can't wait to see what the ROI will be on this venture. I wonder how many votes you can buy for $11 Billion...

[Bronco]

Doomed from the start
Conservatives were ticked off with the Government motors and based on what I saw in the last election all the Obama bumper stickers were on foreign cars

[GannonFan]

While I certainly didn't think a bailout was in the best interest long term, I was actually alright with a bailout at the time. When they bailed out GM it was in the darkest of times of the recession and job losses were skyrocketing. The last thing we needed at the time was the collapse of GM and all their suppliers. No sense making a terrible situation even worse by throwing that many more people into unemployment. We may lose money on the deal and in the end we may have only prolonged the inevitable for GM, but I still think it was a good call to try to lessen the bad news and the unemployment ranks when they bailed out GM. I didn't care for some of the politicking that came around afterwards (Toyota mysteriously had an acceleration problem that couldn't be replicated for instance) but that's par for the course when you nationalize something like that.

[TwinTownBisonFan]

Saved at least 250,000 American jobs...

[AZGrizFan]

Saved at least 250,000 American jobs...

At the cost of $44,000 per job.

And they're going to go away anyway. So we effectively pissed $11,000,000,000 down the drain to delay the inevitable.

[GannonFan]

Saved at least 250,000 American jobs...

I agree - they may just be saved temporarily, and at a fairly high cost, but it helped to avoid an even worse panic as bad news poured in. GM probably won't last, but I'd rather it fail in the future than fail when it was going to. Timing is everything (well, mostly everything).

[93henfan]

Gannonfan ftw.

[native]

Saved at least 250,000 American jobs...

At the cost of $44,000 per job.

And they're going to go away anyway. So we effectively pissed $11,000,000,000 down the drain to delay the inevitable.

[native]

Saved at least 250,000 Democrat votes...

FIFY!

[Baldy]

Saved at least 250,000 American jobs...

According to whom?

[TwinTownBisonFan]

Saved at least 250,000 American jobs...

According to whom?

between their plants in the US and all of their suppliers and car dealers - the number is likely higher than that.

the company itself employs around 210,000 employees (not all in the US) - but again, the ripple to suppliers, dealers, etc would have been well over 250,000

[Wedgebuster]

Jobs are not important to these tea-baggers, only regaining of power. Just check the last post here by our resident shill Naive.

Ya, they might of saved some jobs, but prolly only for Dem-crats.

[Baldy]

According to whom?

between their plants in the US and all of their suppliers and car dealers - the number is likely higher than that.

the company itself employs around 210,000 employees (not all in the US) - but again, the ripple to suppliers, dealers, etc would have been well over 250,000

You mean to tell me that everyone of those people would have been out of a job? Bullshit...

Here are the two likeliest scenarios of what would have probably happened if the government would have allowed GM to 'fail'. (Help me out JJ or other attorneys)
Either GM would have filed Chapter 13...which would have allowed them to keep running the company but renegotiate terms to their creditors like their union contracts (the real reason the Obama administration "bailed out" GM). Or, the company would have been liquidated and sold off to other car companies. Some job losses would have happened. but nothing even comparable to this bogus 250,000 number the left-wing spin machine likes to spit out.

[CitadelGrad]

between their plants in the US and all of their suppliers and car dealers - the number is likely higher than that.

the company itself employs around 210,000 employees (not all in the US) - but again, the ripple to suppliers, dealers, etc would have been well over 250,000

You mean to tell me that everyone of those people would have been out of a job? Bullshit...

Here are the two likeliest scenarios of what would have probably happened if the government would have allowed GM to 'fail'. (Help me out JJ or other attorneys)
Either GM would have filed Chapter 13...which would have allowed them to keep running the company but renegotiate terms to their creditors like their union contracts (the real reason the Obama administration "bailed out" GM). Or, the company would have been liquidated and sold off to other car companies. Some job losses would have happened. but nothing even comparable to this bogus 250,000 number the left-wing spin machine likes to spit out.

True. It wouldn't have been the first time a US auto manufacturer declared bankruptcy but continued to operate.

[CID1990]

We preserved GM just long enough for Lifan to get into position to buy it.

FYI- the Chicoms aren't going to be friendly towards the UAW.

[Ivytalk]

Screw GM. I'm buying Ford Motor Company products from here on out.

If only they hadn't discontinued the Town Car!

[CID1990]

Screw GM. I'm buying Ford Motor Company products from here on out.

If only they hadn't discontinued the Town Car!

Ford's business plan for the last 20 years has been impeccable.

[93henfan]

Screw GM. I'm buying Ford Motor Company products from here on out.

If only they hadn't discontinued the Town Car!

Fear not: http://www.lincoln.com/cars/towncar/

My grandfather had a second generation in the early 90s. He made the mistake of lending it to me a few times.