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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.
Many of us have been saying that we will lose that money. We have 500 million shares that we bought at over $50 a share, and now they are only worth $27 a share. In 2010 we lost our shirt by selling 300 million shares at $33 a share, and I thought that was a bad deal, this is even worse.
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.
/me hands you an ENTER key.
You have no way of knowing how much worse or better off GM would have been had it gone thru a proper bankruptcy proceeding, instead of this government buy out and that crony union pandering deal by Obama.
Many of us have been saying that we will lose that money. We have 500 million shares that we bought at over $50 a share, and now they are only worth $27 a share. In 2010 we lost our shirt by selling 300 million shares at $33 a share, and I thought that was a bad deal, this is even worse.
And in this entire GM fiasco..who walks away the winner ?
Why the UAW.
Shareholders, bondholders, non union retirees and now the government all got shafted.
We should have let GM go through normal debt restructuring bankruptcy.
That's what happens when the government steps in and changes the rules on how to play the game.
They don't care about losses because it's not their damn money.
Many of us have been saying that we will lose that money. We have 500 million shares that we bought at over $50 a share, and now they are only worth $27 a share. In 2010 we lost our shirt by selling 300 million shares at $33 a share, and I thought that was a bad deal, this is even worse.
It was another horribly bad "business decision" by the Obama administration that has costs the taxpayer billions. I wonder though, have we lost more money to GM or to the "green energy" companies that he has invested taxpayer money in?
If my math is correct that is about 14B back from a 49B investment? Why is the Gov selling now?
No clue. Obama keeps bragging about how great GM is doing, so you'd think he would wait until their stock goes back up to where it was when we bought it.
This is just more proof that throwing taxpayer money at a problem does not fix it, we taxpayers just end up owning the problem.
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