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Government sells remaining stake in GM
Associated Press, by Tom Krisher

Original Article

Posted By:JoniTx, 12/9/2013 10:05:00 PM

DETROIT- The U.S. government ended up losing $10.5 billion on the General Motors bailout, but it says the alternative would have been far worse. The Treasury Department sold its final shares of the Detroit auto giant on Monday, recovering $39 billion of the $49.5 billion it spent to save the dying automaker at the height of the financial crisis five years ago. Without the bailout, the country would have lost more than a million jobs, and the economy could have slipped from recession into a depression, Treasury Secretary Jacob Lew said on a conference call with reporters. Now, the American

      


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Reply 1 - Posted by: Jiobaobubai, 12/9/2013 10:44:59 PM     (No. 9647449)

The knee-pad propagandists at the AP make this sound like such a success. But it was not the government that lost, it was you and I that were robbed no differently than by a thief with a gun (which is what they would send to our door, with badges of course, if we do not pay taxes).

gm and chrysler will forever be on my do not buy list. They are un-American and enemies of freedom.

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Reply 2 - Posted by: tomanderson61, 12/9/2013 10:47:57 PM     (No. 9647453)

Let me understand something. They are sitting on almost $30 million yet they stiff the taxpayers for $10 million? How does that work?

"Without the bailout, the country would have lost more than a million jobs, and the economy could have slipped from recession into a depression, Treasury Secretary Jacob Lew said"

You mean, if we didn´t bail out GM at a cost to taxpayers, at a loss of funds for years that could have gone elsewhere, at a loss of interest of those funds if invested, and a loss of over $10 billion that will never be repaid, we would have had another Great Depression?

If we had just let the company reorganize and downsize we would have gone into a depression?

They actually believe we should believe that.

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Reply 3 - Posted by: simple simon, 12/9/2013 10:56:44 PM     (No. 9647460)

Does this mean that GOP-leaning dealership owners can reopen their lots again without fear of the majority shareholder forcing them out of business?

And yes #2, they actually believe we believe it because they do this stuff time and again without consequence.

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Reply 4 - Posted by: stonepony, 12/10/2013 12:28:11 AM     (No. 9647521)

treat yourself to a beer tonight Hard Working Tax Paying Americans your spirit of helping the UAW will always be forgotten.

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Reply 5 - Posted by: marthaville, 12/10/2013 12:36:57 AM     (No. 9647525)

It would be instructive to find out the total cost of bailing out GM, Chrysler, GMAC Bank (Ally Bank), paying off Obama cronies including Steve Rattner, the UAW Retiree Medical Benefits Trust, and on and on. They there were the shareholders and bondholders of GM and Chrysler who were cheated by the Obama team/Administration.

Contrary to lies told repeatedly by Mr. Obama and, now, Jack Lew, the bailout did not save one million jobs. But the lie sounds good to the uninformed every time they hear it. Too bad the bailout did not provide jobs to unemployed black men.

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Reply 6 - Posted by: miceal, 12/10/2013 12:59:50 AM     (No. 9647540)

I believe the loss to "We the Taxpayers" was a bit over 10 BILLION dollars. Government, is there anything they can do correctly?

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Reply 7 - Posted by: LAW428, 12/10/2013 1:38:48 AM     (No. 9647563)

The "government" didn´t lose $10.5 billion. It didn´t belong to the government. The American taxpayers ended up getting fleeced.

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Reply 8 - Posted by: JediJerry, 12/10/2013 2:03:53 AM     (No. 9647574)

The alternative would have been bankruptcy and debt reorganization which would have cost the unions a lot but eh company would have survived and make a come back. So rather than the government let their jack booted thugs and money launderers in the union take a hit, they just put the beat down on the taxpayers instead. Hey Krisher, did GM deliver that 2014 Z06 Vette to you yet for writing this swill?

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Reply 9 - Posted by: globalwarmer, 12/10/2013 2:09:29 AM     (No. 9647579)

It will forever be known as "Government Motors", and I will forever take my business elsewhere. I know, I can´t escape it because the Government collects my taxes, but at least I can buy a non-union made vehicle in protest.

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Reply 10 - Posted by: Trigger2, 12/10/2013 2:18:06 AM     (No. 9647584)

Just another routine failed Barry program that caused taxpayers to be unnecessarily left on the borrowing hook.

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Reply 11 - Posted by: mickeymat, 12/10/2013 8:32:27 AM     (No. 9647825)

I seem to remember Obama saying the American people lost nothing in the GM bailout. Just another whopper of his,

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Reply 12 - Posted by: perplexed, 12/10/2013 8:51:04 AM     (No. 9647858)

Maybe I missed it but who bought the stock?

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