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Those aren't profits at GM, those are our taxpayer dollars imitating profits. Even the stock GM recently sold was a loss to the taxpayers for every single share purchased.
Whatever. I'm pro-union, and pro GM bailout. I know that you're one of those folks that get happy at the thought of union people losing their jobs and seeing the American Auto Industry reduced to nothing. You'd rather we all work for Walmart. That's ok..it's America, and you're free to feel anyway you want.
Whatever. I'm pro-union, and pro GM bailout. I know that you're one of those folks that get happy at the thought of union people losing their jobs and seeing the American Auto Industry reduced to nothing. You'd rather we all work for Walmart. That's ok..it's America, and you're free to feel anyway you want.
Like i said before, God Bless GM and the UAW.
There are bankrupty laws and procedures that protect every involved entity in the process.
They would not have gone under.
The method the government used wiped the investor part of the equation out and it was clearly deliberate and weighted towards the unions.
I'd rather everybody got a fair shake in the process, but as it was handled, we investors were hung out to dry. Literally.
And we'll remember that in future investing AND purchasing.
Some however don't see that. Sorry, but my dollar in my pocket trumps investing and getting 6 cents back.
Whatever. I'm pro-union, and pro GM bailout. I know that you're one of those folks that get happy at the thought of union people losing their jobs and seeing the American Auto Industry reduced to nothing. You'd rather we all work for Walmart. That's ok..it's America, and you're free to feel anyway you want.
Like i said before, God Bless GM and the UAW.
You know nothing about me, I have no problem with unions, they can, and do perform a great service, I only know when people are abusing the system and stealing taxpayer dollars to line their pockets.
GM's bailout by us is costing the US taxpayer tens of billions, and we will never see that money. Any company would do fine and dandy with $50 billion in FREE taxpayer cash, so go fly a kite with your sanctimonious speeches and partisan ignorance, I'm truly sick and tired of people mouthing off when they have no clue.
The GM bailout/bankruptcy allowed it to claim a tax benefit from some $16 billion of net operating losses, which were carried over from the old GM. This allows GM to avoid paying taxes on future profits, for decades. They get this thru a common accounting practice called “tax-loss carry forward,” which allows GM to write off losses against future profits for up to 20 years.
Then we have the much touted GM IPO sale, and people fainting with delight at the profits GM made. The sad truth is that we taxpayers lost $4.5 billion on the shares sold, and this does not include the Bush bailout money, which is long gone and we will never be able to recover.
Things just get rosier and rosier over at GM, all on my freaking dime. We are looking at a loss of almost $100 billion in taxpayer money to GM, and we are still giving away money at the tune of $7,500 for ever Chevy Volt sold.
Good grief man, wanting to see people have a job is one thing, but come on, when do the taxpayer handouts stop???
I will never buy another GM product, and i have been a die hard GM fan all my life. I'll buy ford or Honda or Toyota.... excuse me while I gag.
You know nothing about me, I have no problem with unions, they can, and do perform a great service, I only know when people are abusing the system and stealing taxpayer dollars to line their pockets.
GM's bailout by us is costing the US taxpayer tens of billions, and we will never see that money. Any company would do fine and dandy with $50 billion in FREE taxpayer cash, so go fly a kite with your sanctimonious speeches and partisan ignorance, I'm truly sick and tired of people mouthing off when they have no clue.
The GM bailout/bankruptcy allowed it to claim a tax benefit from some $16 billion of net operating losses, which were carried over from the old GM. This allows GM to avoid paying taxes on future profits, for decades. They get this thru a common accounting practice called “tax-loss carry forward,†which allows GM to write off losses against future profits for up to 20 years.
Then we have the much touted GM IPO sale, and people fainting with delight at the profits GM made. The sad truth is that we taxpayers lost $4.5 billion on the shares sold, and this does not include the Bush bailout money, which is long gone and we will never be able to recover.
Things just get rosier and rosier over at GM, all on my freaking dime. We are looking at a loss of almost $100 billion in taxpayer money to GM, and we are still giving away money at the tune of $7,500 for ever Chevy Volt sold.
Good grief man, wanting to see people have a job is one thing, but come on, when do the taxpayer handouts stop???
I will never buy another GM product, and i have been a die hard GM fan all my life. I'll buy ford or Honda or Toyota.... excuse me while I gag.
100 billion you say? We've spent more than that in Iraq...what did we get in exchange?
It REALLY pays to be a labor union under this administration:
The boon for the union fits the pattern established when the White House pushed GM into bankruptcy and steered it through the courts in a way that consistently put the interests of the union ahead of many suppliers, dealers and investors — stakeholders that ordinarily would have fared as well or better under the bankruptcy laws.
The original stockholders were screwed to the wall by this administration, and the taxpayers will take years to recoup their investment if they ever do so,....but the labor unions are free to do as they please and are whistling to the bank with their loot.
Gotta love this anti-business, pro-labor administration.
Not only that....they get to opt out of the Great Obamacare.
Pro-Labor? Good. About time. God Bless the United Auto Workers.
I don't mind automobile unions,....after all I drive Fords. But the UAW was a driving force in crippling GM who, unlike Ford, had to get the government to bail out their company because of mismanagement.
No one can prove that GMs restructuring under normal bankruptcy wouldn't have produced as viable a company as GM is presently. It is not the taxpayers place to bail out the unions, General Motors, or any other private enterprise.
Much of what is wrong with this country stems from government interference in the private arena. Just look at what it did with healthcare in the form of Medicare. Medicare isn't viable, and the new obamacare formula will be the same bondoggle.
The government is not the solution for our economic woes,....it is the problem. The more government involvement, the larger the problem.
There is inherent unfairness in this. Any other than the priveleged to have access to the POTUS get to screw up and... GO UNDER. Ask any private multi-billion dollar corporation (e.g. Agilent that laid off 10s of thousands of folks a year ago) or your mom&pop shop. Who offered a bailout to them, eh? Right, no one. Free market decided.
But not for THESE pigs, these pigs are better than others you see, they got the government's ear and get RESCUED at the expense of the others who do go under when
a. they screw up
b. there is less demand for them
Warm cushy taxpayer paid safety net for some, oblivion for the most, the most who make this country tick and pay for the bailouts. Free enterprise, yeah right!
Bush, Geithner, Bernanke, Paulson, Obama, GM execs, Goldman sucks, Freddy's fanny, etc... to the US people - "Keep working and laying off your own employees suckers, so that we can pay off our mafia here!
The original stockholders were screwed to the wall by this administration, and the taxpayers will take years to recoup their investment if they ever do so,....but the labor unions are free to do as they please and are whistling to the bank with their loot. Gotta love this anti-business, pro-labor administration.
Thank you for pointing this out again.
One of my great-Aunts invested in GM long ago, hoping to have something to hand down to future generations. She sacrificed hard-earned cash at a time when money was scarce to invest in what she thought was a great American institution.
I'm glad my Dad had stopped keeping track of this stock long before he passed away. It would have been very sad for him think that this legacy to me was stolen by GM corporate mismanagement combined with political corruption by a President of the US, particularly since he lived his whole life with interest on the Labor side that were never once supported by our government.
Can someone explain to me why GM shareholders were not offered stock in the new company as compensation?
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