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This is definitely good news. It's hard to predict, but if things continue to go well for GM we might be able to start liquidating our $45 billion equity position, maybe even at a profit.
Won't that burn the conservatives up! I know they were all hoping that the money would be gone forever.
I don't know that Federally owned equity sale will recover all of the $45 bil, but it likely will recover a large portion of it. The difference would be well spent money. Saving GM as company and very possibly the entire American Auto Industry. If GM went down, so would Chrysler and Ford, as well as all the ancillary businesses. That was the reason, the Govt bailed out GM and Chrysler, that is the reason Canada chipped in as well. Ford did not need the bailout, their Management prepared for what was coming, years ahead. So, my opinion is, even if we get none of the $45 bil back, it was money well spent and will be returned multiple times over by preserving the Industry, jobs, innovations and productivity.
I don't know that Federally owned equity sale will recover all of the $45 bil, but it likely will recover a large portion of it. The difference would be well spent money. Saving GM as company and very possibly the entire American Auto Industry. If GM went down, so would Chrysler and Ford, as well as all the ancillary businesses. That was the reason, the Govt bailed out GM and Chrysler, that is the reason Canada chipped in as well. Ford did not need the bailout, their Management prepared for what was coming, years ahead. So, my opinion is, even if we get none of the $45 bil back, it was money well spent and will be returned multiple times over by preserving the Industry, jobs, innovations and productivity.
I agree. And people seem to forget how important it is for our country's defense and Homeland Security to maintain a heavy manufacturing base in this country that is owned by AMERICAN CORPORATIONS. Without the auto industry there is no way our country could supply its own armed forces with the equipment it needs should we get into another world war. The auto industry can retool to build munitions very quickly. You can't do that with an service base economy, with foreign owned auto manufacturers who may or may be on our side, or with companies that make throw-away widgets.
The automaker hopes to repay the remaining $45.3 billion to the U.S. government and $8.1 billion to Canada via a public stock offering, perhaps later this year.
The automaker hopes to repay the remaining $45.3 billion to the U.S. government and $8.1 billion to Canada via a public stock offering, perhaps later this year.
Hmmmm.
What exact does the "hmmmm" mean? Are you happy that the tax payers might start divesting themselves from owning part of GM or are you hoping it will all fall apart so the Republicans can use it as fodder with the up coming elections? Tax payers have a vested interest in seeing the company do well. Not just so we'll get our investment back but to preserve those 40,000 blue collar jobs that made it through the bankruptcy. They only lost 15,000 jobs with the closing of 14 factories and look how hard it's been to absorb that many unemployed; we can't absorb another 40,000 if they don't continue to do well.
I don't know that Federally owned equity sale will recover all of the $45 bil, but it likely will recover a large portion of it. The difference would be well spent money. Saving GM as company and very possibly the entire American Auto Industry. If GM went down, so would Chrysler and Ford, as well as all the ancillary businesses. That was the reason, the Govt bailed out GM and Chrysler, that is the reason Canada chipped in as well. Ford did not need the bailout, their Management prepared for what was coming, years ahead. So, my opinion is, even if we get none of the $45 bil back, it was money well spent and will be returned multiple times over by preserving the Industry, jobs, innovations and productivity.
So you now credit Bush with saving the whole auto industry? Odd considering the amount of hate you have for the man...
So you now credit Bush with saving the whole auto industry? Odd considering the amount of hate you have for the man...
I have always given credit to Bush/Paulson for TARP. As much as I disliked Bush, he did the right, and very necessary, thing. It is probably fortunate that he was no longer listening to Cheney by then. I also give credit to Obama for continuing with GM bailouts and forcing them into reorganization.
What exact does the "hmmmm" mean? Are you happy that the tax payers might start divesting themselves from owning part of GM or are you hoping it will all fall apart so the Republicans can use it as fodder with the up coming elections? Tax payers have a vested interest in seeing the company do well. Not just so we'll get our investment back but to preserve those 40,000 blue collar jobs that made it through the bankruptcy. They only lost 15,000 jobs with the closing of 14 factories and look how hard it's been to absorb that many unemployed; we can't absorb another 40,000 if they don't continue to do well.
I don't want to see those who have stolen from the original investors/creditors through strong-arm, chicago-style politics and tactics succeed.
They way obama basically voided contract law to GIVE the union a piece of the pie is disgusting and should not be rewarded.
I don't want to see those who have stolen from the original investors/creditors through strong-arm, chicago-style politics and tactics succeed.
They way obama basically voided contract law to GIVE the union a piece of the pie is disgusting and should not be rewarded.
So you were in favor of allowing GM to dump the health care responsibilities for their entire work force? The UAW was a major bondholder and got the 17% stock instead of cash owed to them for the VEBA trust. Do you realize that if the company goes belly up that the tax payers will have to pay the legacy costs of its workers through the federal pension insurance program that covers most all Americans when their places of employment goes under? Insulting the bankruptcy court might make you feel good but you're totally off base in doing so. What was done was legal and more importantly fair. Everyone loses something in a bankruptcy including the UAW but the effect of 65,000 workers losing their health care would been wide reaching. And they could still lose it if GM stock doesn't go up.
Last edited by Wayland Woman; 04-22-2010 at 04:01 PM..
So you were in favor of allowing GM to dump the health care responsibilities for their entire work force? The UAW was a major bondholder and got the 17% stock instead of cash owed to them for the VEBA trust. Do you realize that if the company goes belly up that the tax payers will have to pay the legacy costs of its workers through the federal pension insurance program that covers most all Americans when their places of employment goes under? Insulting the bankruptcy court might make you feel good but you're totally off base in doing so. What was done was legal and more importantly fair.
Good answer. You have to wonder what goes thru some people's minds, don't you? Or maybe, it's more like, what doesn't go thru their minds, like thoughts.
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