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Well, it seem that bailing out GM was a pretty good deal for the province. Net gain of over a billion dollars.
Posted: 02/04/2015 10:50 pm
Ontario has sold all of its remaining shares in General Motors, a move that is expected to net the province an estimated $1.1 billion.
The province issued a news release after the close of markets on Wednesday about the transaction.It said the gain on the shares it sold was more than the $900-million target it had previously set.
The release said the proceeds from the sale will be directed to the Trillium Trust, which in turn will invest the money "to help build a new generation of public infrastructure that will improve the province's long-term competitiveness and the well-being of all Ontarians."
The provincial government had obtained the shares after making an investment in GM during the last recession.
At that time, the province had partnered with the federal government to make billions of dollars in financial assistance available to both GM and Chrysler.
In a statement on Wednesday, Finance Minister Charles Sousa said the provincial government "is proud to have been able to play an important role in protecting thousands of jobs across the province through its support of the auto sector in 2009."
My point really was against the RWNJs who adamantly opposed the bailouts of the North American auto makers. In their insane "reasoning" they would have let the entire industry and it's hundreds of thousands of jobs disappear. Thankfully reason prevailed and GM and Chrysler are still with us, making autos and employing thousands of people.
That's the name of the game when investing; buy low, sell high.
Good for Ontario. It would appear they done good!
When its your own money, sure.
When a government uses money it took from taxpayers and gambles it rather than using it for stated or authorized purposes, not so much.
Is there any government spending you would object to?
Quote:
Originally Posted by lucknow
My point really was against the RWNJs who adamantly opposed the bailouts of the North American auto makers. In their insane "reasoning" they would have let the entire industry and it's hundreds of thousands of jobs disappear. Thankfully reason prevailed and GM and Chrysler are still with us, making autos and employing thousands of people.
Would you feel the same if it were small weapons manufacturers that were bailed out?
Regardless, when you are unable to compete and run a business to the point of insolvency, you should suffer the same fate as what happens in every other industry.
My point really was against the RWNJs who adamantly opposed the bailouts of the North American auto makers. In their insane "reasoning" they would have let the entire industry and it's hundreds of thousands of jobs disappear. Thankfully reason prevailed and GM and Chrysler are still with us, making autos and employing thousands of people.
"let the entire industry" I can never figure out why some exaggerate so much.
Then again, "My point really was against the RWNJs"
Some will make any outrageous claim because of their OWN biases.
I'll let the rest of you decide on your own who the nutjob is.
Let's see, the 'ENTIRE INDUSTRY".
I didn't know 2 companies encompassed the ENTIRE INDUSTRY.
"This is a list of automotive assembly plants in the United StatesContents
What you have to remember is that GM DID FAIL, in spite of the bailouts. The entire purpose of the bailout was to avoid having GM go bankrupt. Well, they DID go bankrupt. And the handling of that particular bankruptcy was different than any other in US history. Laws were ignored, the owners and creditors of GM were shafted in ways not allowed in bankruptcy law, and the unions were given a handout on the backs of the American taxpayer. GM should have been allowed to go bankrupt in accordance to the law, been restructured in accordance to the law, and both the rightful owners, creditors and the US taxpayer would be better off. Instead the JV team in DC got involved and made some bad decisions as far as management was concerned that hurt them badly. The administration putting a cosmetics salesman in charge of the most difficult industry around hurt them badly. Mary Barra has quite the hole to pull them out of, but seems to be doing well.
My point really was against the RWNJs who adamantly opposed the bailouts of the North American auto makers. In their insane "reasoning" they would have let the entire industry and it's hundreds of thousands of jobs disappear. Thankfully reason prevailed and GM and Chrysler are still with us, making autos and employing thousands of people.
Yes, but, non American LIBERAL Canadians are taking Money out of America!!!!! Don't they speak French there? That Damn Obama, he screwed the nation again.
Yes, but, non American LIBERAL Canadians are taking Money out of America!!!!! Don't they speak French there? That Damn Obama, he screwed the nation again.
Sarcasm symbol for those that don't know
Good one!
But at least the Canadian Conservatives presently in charge are not adverse to telling it like it is:
The last couple of times GM went bankrupt, it was banks and chemical industries that bailed them out.
Reading the history of the company is very enlightening!
Pay particular attention to William Crapo Durant. (Yes, that is his real name!)
"Is there any government spending you would object to?"
Hey, it is a CANADIAN government. Why should I care what they spend THEIR money on?
They made a profit. Good for them.
End of story.
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Sarcasm symbol for those that don't know 
