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The U.S. Treasury’s deal to sell 30 million shares of General Motors Co. will recoup taxpayers another $1 billion of the bailout money the government put into the automaker back in 2009.
All told, taxpayers have recovered $32.5 billion of the $49.5 billion used to restructure the nation’s biggest automaker. The government also still owns 189 million GM shares, worth about $6.5 billion at the $34.41 share price that the Treasury got for the batch of stock it sold this week.
If the Treasury is able to liquidate its remaining stock, as it plans to do over the next 15 months, at that price or above, the government will still be short about $10 billion on its GM investment.
However, Treasury officials say that the goal of the auto industry bailout was to save the industry and jobs rather than make a profit on the investment.
To date, the Troubled Asset Relief Program (TARP) that funded the bailout of GM and other companies has recouped over 95%, or $399.40 billion, of the $420 billion it disbursed, the Treasury Department said.
Ahem...cut n paste reference maybe and a review of TOS.
Wasn't it also right around that time that Toyota started getting a lot of bad press? I believe they had just surpassed GM as the #1 manufacturer in the world or something like that. Coincidence? I think not! Amazing how the press has become an arm of government...
YES!! And the allegations of manufacturing defects conveniently disappeared from the press after they were shown to be false...but not until they'd done plenty of PR damage.
YES!! And the allegations of manufacturing defects conveniently disappeared from the press after they were shown to be false...but not until they'd done plenty of PR damage.
I still don't think it did them enough good because people are still buying their Toyota's.
I still don't think it did them enough good because people are still buying their Toyota's.
I just can't buy a product made from UAW hands.
I know lots of conservatives who used to always "buy American" because of the old 1980's auto patriotism. But they stopped talking up "American" after that bailout mess, and now a few of them have quietly bought Japanese cars since then.
Even my dad (who makes Rush Limbaugh look like Nancy Pelosi) has finally gone Toyota! Good thing, too, after all the wretched GM cars he had. I've been buying Toyotas and Hondas since a lemon Pontiac took 10 yrs off my life, but now no one ever criticizes me for it or questions my patriotism.
You do realize, don't you, that the money didn't come from the government? It came from the taxpayers - in other words, your neighbors. And you...
Quote:
Originally Posted by vmaxnc
Since I paid for it, you're welcome. Not really.
Yes, I do realize that Cash for Clunkers was taxpayers money and I agree that the concept of C for C's was ridiculous at best. However, since the gov't chose to run the program and they were going to spend that money anyway, I saw no problem in taking advantage of the offer and scooping up my $4K. No regrets.
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