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Mustang84, is using deceptive numbers something Obama has to do with GM. If everyone gain sales, but some gain less, those that gain less are losing market share. GM has lost market share.
Obama's bankruptcy restructuring to favor unions cost tax payers an extra 26.5 Billion. $26.5 Billion that didn't create jobs, just help out the UAW. White House refused to comment on the story.
Of course they achieved 10 months of profitability - the government all told has thrown over $100 Billion Dollars at a company worth $34 Billion...this includes $55 Billion already and over $40 Billion in future exemptions in taxes.
You throw $100 Billion at any company and it will do well.
I don't think you read your link. You link's fine print says that profit is down from the same quarter the previous year.
I'm not going to deny that GM didn't bring this on itself by years of mismanagement, but a thriving and leaner General Motors today is far better than a GM that would have likely been broken up and sold off in pieces. We're going to have to agree to disagree, but I believe the Treasury's investment was worthwhile and will pay far more dividends down the road in economic growth. As long as the Treasury doesn't sell GM stock prematurely, they haven't lost anything on their investment.
Revenue was down due to macroeconomic issues such as Europe. Others in the sector slumped in Q2 as well. GM's North American operations, previously its weak spot, are now one of its strengths. They earned $1.7 billion in North America alone.
Mustang84, is using deceptive numbers something Obama has to do with GM. If everyone gain sales, but some gain less, those that gain less are losing market share. GM has lost market share.
There was nothing deceptive about the numbers I quoted. GM had a gain in overall market share at the end of 2011. You are quoting month over month market share, which is more volatile and not as reliable as end of year percentages that are an aggregate of all twelve months. If anything, you are being deceptive by only looking at a snapshot in time instead of the overall picture.
a thriving and leaner General Motors today is far better than a GM that would have likely been broken up and sold off in pieces.
GM went into bankruptcy even AFTER the bailout.
If it had done that in the first place, the same results would have happened with the EXCEPTION that the UAW wouldn't now own GM.
THAT was the real reason Obama bailed them out....cronyism for his Union masters.
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We're going to have to agree to disagree, but I believe the Treasury's investment was worthwhile and will pay far more dividends down the road in economic growth. As long as the Treasury doesn't sell GM stock prematurely, they haven't lost anything on their investment.
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.
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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.
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Despite the headwinds, it's still a profit.
A profit for the UAW but a weight around the neck of the American taxpayers and economy.
If it had done that in the first place, the same results would have happened with the EXCEPTION that the UAW wouldn't now own GM.
THAT was the real reason Obama bailed them out....cronyism for his Union masters.
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.
A profit for the UAW but a weight around the neck of the American taxpayers and economy.
You sure like to lie or you failed math in grammar school. Which is it? By no stretch of the imagination does 17.5% translate into the UAW owning GM. You also don't seem to know or understand that the 17.5% was not given to the union. That 17.5% stock is owned by VEBA, a health care trust for GM retirees that was set a year before the bankruptcy, giving VEBA a vested interest in the company with every legal right during the bankruptcy to the stake they got. And the union does NOT have any control over or access to VEBA funds. Zip. Zero. Nda.
You sure like to lie or you failed math in grammar school. Which is it? By no stretch of the imagination does 17.5% translate into the UAW owning GM. You also don't seem to know or understand that the 17.5% was not given to the union. That 17.5% stock is owned by VEBA, a health care trust for GM retirees that was set a year before the bankruptcy, giving VEBA a vested interest in the company with every legal right during the bankruptcy to the stake they got. And the union does NOT have any control over or access to VEBA funds. Zip. Zero. Nda.
President Obama touts the bailout of General Motors and Chrysler as one of the signature successes of his administration. He argues that the estimated $23 billion the taxpayers lost was worth paying to avoid massive job losses. However, our research finds that the president could have both kept the auto makers running and avoided losing money.
The preferential treatment given to the United Auto Workers accounts for the American taxpayers' entire losses from the bailout. Had the UAW received normal treatment in standard bankruptcy proceedings, the Treasury would have recouped its entire investment. Three irregularities in the bankruptcy case resulted in a windfall to the UAW.
First, GM and Chrysler owed billions of dollars to the union's Voluntary Employee Beneficiary Association (VEBA) when they went bankrupt. The union and the auto makers created VEBA in 2007 to assume responsibility for the UAW's generous retiree health benefits. The benefits allowed UAW members to retire in their mid-50s with minimal out-of-pocket health-care expenses for the rest of their lives. GM owed $20.6 billion and Chrysler owed $8 billion to VEBA as unsecured claims.
A bedrock principle of bankruptcy law is that creditors with similar claims priority receive equal treatment. If you owe $1,000 each on two credit cards, in bankruptcy you cannot choose to pay $900 to Citi and only $200 to Chase. Each of the creditors is entitled to an equal percentage recovery.
In the auto bankruptcies, however, the administration gave the unsecured claims of VEBA much higher priority than those of other unsecured creditors, such as suppliers and unsecured bondholders.
There was nothing deceptive about the numbers I quoted. GM had a gain in overall market share at the end of 2011. You are quoting month over month market share, which is more volatile and not as reliable as end of year percentages that are an aggregate of all twelve months. If anything, you are being deceptive by only looking at a snapshot in time instead of the overall picture.
As of right now, the year 2012, GM is LOSING MARKET SHARE.
YES, GM had a bounce from 100 Billion in Government money including future $$$ and the Japanese Tsunami...NOW, 2012, they have been losing ground again. Any company that gets 100 Billion Dollars and their chief rival hit by a Tsunami will recieve a bump...now they are losing ground, again.
And finally, despite all the political noise and the back-and-forth banter on which strategy would have been superior, only one thing is important...GM has returned to profitability and is growing again. The bottom line is that results matter more than rhetoric.
You my friend have a lot to learn about quarterly earnings and Wall Street. They do tend to fudge the numbers a little, but no problem, believe what you want. In fact there are so many things about how car makers report sales that you might say to yourself thet makes no sense. Just drive by a GM lot or any car dealer and check out the inventory. The manufacturer already counts them as sales no matter if someone bought the vehicle or not.
Anyone in this forum who believes what some large corporations report or almost anything the government reports as the truth is either to young to understand how it all works or are very naive. And the MSM will most defiantly lie to you.
He's taking credit for something he didnt even due, which was a complete failure. Could it get any dumber?
Obama has a habit of taking credit for things he can promote as good and blaming everyone and everything else when it's viewed as bad. And the left cries tears of joy at the sideshow as if he were god. It reminded me of an Elvis concert lol. The world has to be laughing at us.
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