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GM has lost some loyal customers because of their being partially owned and controlled by the Federal Government and the Obama administration. The backlash they felt and heard from their customers was great enough that they tried to buy back their shares earlier but the government refused. Unless the price of their shares goes up high, the taxpayers will see a 21 billion dollar loss. Though GM is putting out better quality products, it'll be a long time before I'll ever trust them again and it has nothing to do with the federal government owning shares and control over GM. It has everything to do with all the problems I've had with my current vehicle that GM knew about for years and refused to correct on the assembly line and refused to even acknowledge even with a class action lawsuit which they settled. Mistakes are made in the development and building of vehicles all the time. But once a problem is found, the makers should find the cause, find a solution, enact the solution on vehicles being built, and offer to fix the problem on existing vehicles. Instead, GM's policy was deny and blame vehicle owners.
GM and its workforce instituted/agreed to substantial changes in how the company does business after President Bush made the decision to extend financial aid. The aid increased after the election of President Obama, with Congressional support. There was a controlled bankruptcy, receivership and later the company returned to private hands with the U.S. Government, on behalf of the citizens of the USA, owning about 1/3 of the stock in exchange for the financial support. The financial support helped to save an entire industry. Is said to have protected 1 million jobs. More jobs would have been lost if the industry had collapsed. Damage to the nation would have been unimaginable. The financial support wasn't offered as a traditional investment. It wasn't done with the forethought of earning a certain rate of return. The return it did generate for our nation is worth the price of the loss IMO. Some of us love this country. And it's not easy to determine which do and which don't.
GM and its workforce instituted/agreed to substantial changes in how the company does business after President Bush made the decision to extend financial aid. The aid increased after the election of President Obama, with Congressional support. There was a controlled bankruptcy, receivership and later the company returned to private hands with the U.S. Government, on behalf of the citizens of the USA, owning about 1/3 of the stock in exchange for the financial support. The financial support helped to save an entire industry. Is said to have protected 1 million jobs. More jobs would have been lost if the industry had collapsed. Damage to the nation would have been unimaginable. The financial support wasn't offered as a traditional investment. It wasn't done with the forethought of earning a certain rate of return. The return it did generate for our nation is worth the price of the loss IMO. Some of us love this country. And it's not easy to determine which do and which don't.
And yet the Obama administration said the US taxpayers would profit from the investment by getting back what they invested along with extra cash from the increased stock prices. As I said before, I'm not buying a GM vehicle ever again because of my current vehicle. Every vehicle I've ever owned was GM. Look up GM V6 leaking intake gasket for one example of what I've had to deal with.
And yet the Obama administration said the US taxpayers would profit from the investment by getting back what they invested along with extra cash from the increased stock prices. As I said before, I'm not buying a GM vehicle ever again because of my current vehicle. Every vehicle I've ever owned was GM. Look up GM V6 leaking intake gasket for one example of what I've had to deal with.
I've had good GM cars and bad ones. 1986 Pontiac 6000 was an excellent car. 1988 Grand Prix was a complete lemon. 1992 Grand Am was one of the best cars I ever had. 1995 Grand Am was my last GM car and kind of a POS but not as bad as the Grand Prix.
OK, so I'll admit it: I hated the terms of the bailout, but I like the vehicles. I believe the UAW has been a blight on our society, but I llike the people who work at the local dealerships. I've driven a million miles in Chevrolets and each one of the many I've owned has been better than the one before.
So yes, the government should sell out immediately. In fact, I would prefer if they would just send me the pro-rata percentage of GM shares based on my pro-rata share of income taxes paid over the last four years--we taxpayers already paid for the shares, so just send them to us. Either way, end this sad episode and move along to more elevating topics.
If my math is correct that is about 14B back from a 49B investment? Why is the Gov selling now?
so they can take the cap gains loss on their taxes next year ??
There's a snowball's chance in hell that GM will go up over $50/share which is what they need to just break even. We sold the last batch at a loss as well.
I've had several great GM vehicles, all have been very reliable and have needed minimal repairs. And any parts or repairs needed have been reasonably priced. My 4x4 Chevy had 225k on it when I sold it and I doubt that I had $1000 into repairs (other than consumables like tires) since it was new. Unlike unfortunately my Nissan and Toyota products.
Just the same, I'll pass on them. They have made far too many bad decisons, both management and the unions. They pizzed away billions on things like the EV-1 back in the 80s-90s, fuel cell vehicles, and the Volt, none of which made a profit for the company. I see no reason to reward bad behavior and decision making. If I buy new, I'll be looking hard at Ford. I was a "Chevy guy" since I was ~12 years old. Maybe again in another decade or so, I'll give them another shot.
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