Chaos of US Government Bailouts
GM Bragging About Paying Back Loan;
It Is Only Part of the Story
Big Spin more than Big News...
The U.S. payments, made Tuesday, April 20, came five years ahead of schedule,
and GM CEO, Whitacre said they are a sign that the automaker is on its way toward reducing government ownership of the company.
Whitacre added a lot more to
his truckload of spin;
"Nobody was happy that GM needed government loans —
not the governments, not the taxpayers and, quite frankly, not the company,"
Whitacre wrote in an op-ed article that appeared on The Wall Street Journal's
Web site Tuesday night. "We believe we can best thank the citizens of the U.S.
and Canada by making sure that their investments are hard at work every day, building high quality, fuel-efficient vehicles."
Nobody was happy!! WHO are we kidding here; almost EVERYBODY was happy: Whitacre, the Unions, the politicians, the lawyers, the lobbyists...everybody except GM stockholders and the American Taxpayer (current and future) was plenty happy.
The parts that he left out say a lot more. GM got at least $51 BILLION
from the Government. The US Government now owns 61% of GM.
They "PAID BACK EARLY" less than $9 Billion.
That is over $42 Billion net that GM has gotten that may or may not
now may be worth a fraction of that. The Stock Market would not support
the price that is why the government stepped in. So these guys are touting
that they did a great thing by getting a bailout to pay back a loan that they
probably did not deserve in the first place!
Also, how soon, we forget that in GM's Bankruptcy;
the Unions got 100% and some bondholders got about 10 CENTS
on the dollar for their investment. We did not hear too much about that
because the government was busy with one of their other tentacles;
bailing out the well connected bondholders. Let's not forget the dealerships
that GM forced out of business; many of them picked because of their
political affiliation.
Buy a FORD!
My advice,
Buy a FORD or
a HONDA...
both are made
in America
and neither company
took government money!!
2010 Ford Taurus Pictured
Jim McDonough,
Manhattan, Kansas
It Is Only Part of the Story
Big Spin more than Big News...
The U.S. payments, made Tuesday, April 20, came five years ahead of schedule,
and GM CEO, Whitacre said they are a sign that the automaker is on its way toward reducing government ownership of the company.
Whitacre added a lot more to
his truckload of spin;
"Nobody was happy that GM needed government loans —
not the governments, not the taxpayers and, quite frankly, not the company,"
Whitacre wrote in an op-ed article that appeared on The Wall Street Journal's
Web site Tuesday night. "We believe we can best thank the citizens of the U.S.
and Canada by making sure that their investments are hard at work every day, building high quality, fuel-efficient vehicles."
Nobody was happy!! WHO are we kidding here; almost EVERYBODY was happy: Whitacre, the Unions, the politicians, the lawyers, the lobbyists...everybody except GM stockholders and the American Taxpayer (current and future) was plenty happy.
The parts that he left out say a lot more. GM got at least $51 BILLION
from the Government. The US Government now owns 61% of GM.
They "PAID BACK EARLY" less than $9 Billion.
That is over $42 Billion net that GM has gotten that may or may not
now may be worth a fraction of that. The Stock Market would not support
the price that is why the government stepped in. So these guys are touting
that they did a great thing by getting a bailout to pay back a loan that they
probably did not deserve in the first place!
Also, how soon, we forget that in GM's Bankruptcy;
the Unions got 100% and some bondholders got about 10 CENTS
on the dollar for their investment. We did not hear too much about that
because the government was busy with one of their other tentacles;
bailing out the well connected bondholders. Let's not forget the dealerships
that GM forced out of business; many of them picked because of their
political affiliation.
Buy a FORD!
Buy a FORD or
a HONDA...
both are made
in America
and neither company
took government money!!
2010 Ford Taurus Pictured
Jim McDonough,
Manhattan, Kansas
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