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President Obama and his supporters have been more than happy to tout his bailout of the auto industry, but General Motors still owes taxpayers $42 billion according to an Inspector General's report and the company's stock has hit an all time low.
Quote:
GM owes $27 billion on the nearly $50 billion it received from the auto bailout and Ally Bank, the company’s lending arm, owes $14.7 billion of the $17.2 billion taxpayer-funded bailout it received.
GM’s stock has plummeted in recent months after stagnant development in overseas markets. It hit a new low on Wednesday, falling to $18.80, a 52 percent drop from its January 2011 high of $38.90.
The rapid decline of the stock price has kept taxpayers on the hook for billions in unpaid bailout dollars. The stock would need to make a quick—and meteoric—turnaround for taxpayers to break even.
“In order to recoup its total investment in GM, Treasury will need to recover an additional $27 billion in proceeds. This translates to an average of $53.98 per share on its remaining common shares in New GM,” the IG report concluded.
The electric Chevy Volt, a GM vehicle touted by President Obama and environmentalists (the same environmentalists waging a war on coal) is also failing miserably.
Quote:
Chevy sold 7,671 Volts last year. Nissan’s all-electric Leaf didn’t do much better with 9,674 sales — less than half what Nissan had expected. Car makers often give up on conventional vehicles that post such poor numbers.
Share Prosperity or shared DEBT?
Keep working taxpayers!............
The government is depending on you to fund it's crony capitalism.
Good point. Just about anything Obama tries to run on as a success or accomplishment has a major negative to it:
1. Obamacare. Majority against it. Rammed through against the will of the people. American people were told to screw and wed have to wait for it to be passed to find out everything in it.
2. Osama. Information gathered to help find him in the first place, was obtained by means Obama was loudly against.
3. GM. We spent more money on an auto company/union than we did on foreign aide. GM still makes 7 out of 10 cars outside the US. Turns out now, as shown in the OP, that it cost us more than we even thought.
And those are supposedly his big accomplishments. Obama, the media, and the rest of the liberals are a bunch of jokes. They dont care about this country, they care about their party. Lord knows, just electing Romney/Ryan would immediately have a positive impact on our economy.
The last time I checked GM stock was around $20 but for the taxpayer to get their money back it would have to sell at $53. That is not a good investment to me. If anyone thinks it is ... I have an investment for you lol.
GM is also increasing sales using subprime loans .the same loans that brought down the housing market. GM Financial auto loans to customers with FICO scores below 660 rose from 87% of total loans in Q4 2010 to 93% in Q1 2012.
If it ever makes it to $54.00 rest assured that $54.00 will be worth half the original investment
Oh yea no dividends from this stock...
Lol you right. good ole value of the dollar has to be considered. And if they sell the stock what about capital gains tax. How is that handled? So how much will the stock price have to go up to take that into account.
Frankly, I'm glad we still have a stake in GM. Our investment should give a good return over the long run.
LOL! GM is still billons underfunded regarding the pension fund. This stock will eventually drop down to single dollars per share due to that. Add in when EU crisis is felt here, US auto sales will fall several million per year as we enter a new, official, deeper recession.
Frankly, I'm glad we still have a stake in GM. Our investment should give a good return over the long run.
The Taxpayers put up all the money....the unions put up NONE.
The unions benefited the most....kept all their benefits
The salaried workers lost their pensions. Dealerships were closed and their employees lost their health care, pensions, and jobs.
The taxpayers are STILL out $42 Billion.
GM stock is plummeting, but you see a return on that investment?
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