GM Bailout Looking like a win for Obama

[loosecannon]

you're a moron or a liar....

bush bailed out gm and chrysler

No he didn't! The economy didn't even crash until 3 weeks before the election and it was 18 months later that GM was in congress asking for help.

Bush offered to lend GM money in the last month of his presidency but he handed it off to Obama because he was outta time!

bullshit....he agreed to a nearlyh 20 billion dollar bailout in december 08

where do you get your facts, 1-800-eat shit?

he agreed but he didn't deliver, he handed off to Obama. He left office one month after that press release.

U.S. Throws Lifeline to Detroit - WSJ.com

 

[AmericanFirst]

Never mind that the tax payers are on the hook for 70 billion dollars and Communist China owns 1% stock in GM now. It was a failure and GM would have suvived. The GOv't. just made things worse.

 

[JFK_USA]

Yeah it was a good thing Obama did it. Too bad probably 5-10% of those employees are a part of the Tea party and against their own jobs.

Obama didn't bail out GM....

That was all Dubya.

No. Bush gave straight money. Obama held them accountable.

But don't worry I will keep beating you badly just like my Rams did to the Panthers. Ouch. Harsh Man.

 

[Revere]

Yeah it was a good thing Obama did it. Too bad probably 5-10% of those employees are a part of the Tea party and against their own jobs.

Obama didn't bail out GM....

That was all Dubya.

No. Bush gave straight money. Obama held them accountable.

But don't worry I will keep beating you badly just like my Rams did to the Panthers. Ouch. Harsh Man.

Obama knows how to run a car company?

 

[Yurt]

why are you not saying it is a win for bush as well....?

Before Bush left office, $13 billion from the financial bailout was used to keep GM and Chrysler afloat until the issue could be resolved. The actually bailout that kept GM going was done by the Obama administration.

lmao.....so 13 billion did NOTHING

do you breathe, you're stealing oxygen

 

[Yurt]

No he didn't! The economy didn't even crash until 3 weeks before the election and it was 18 months later that GM was in congress asking for help.

Bush offered to lend GM money in the last month of his presidency but he handed it off to Obama because he was outta time!

bullshit....he agreed to a nearlyh 20 billion dollar bailout in december 08

where do you get your facts, 1-800-eat shit?

he agreed but he didn't deliver, he handed off to Obama. He left office one month after that press release.

U.S. Throws Lifeline to Detroit - WSJ.com

really....well geee....if he had just stayed in office past jan. 20th....

fact is...bush gave gm a bailout, without that, they likely would have sank....which they should have

 

[Tom Clancy]

Yeah it was a good thing Obama did it. Too bad probably 5-10% of those employees are a part of the Tea party and against their own jobs.

Obama didn't bail out GM....

That was all Dubya.

No. Bush gave straight money. Obama held them accountable.

But don't worry I will keep beating you badly just like my Rams did to the Panthers. Ouch. Harsh Man.

Bush bailed them out... Obama had the Stimulus.

Obama didn't do shit.

and shush... my panthers are just... bad. bad. bad.

 

[CrusaderFrank]

I'm sorry... I hurt myself from laughing so hard at the Obama Fluffers here.

He did what?! LOL?

It is any wonder we have $3 trillion deficit in 2 years?

LOL

It's a wonder its not a $17 trillion deficit

 

[rightwinger]

One difference between Obama and Bush

Bush just handed them money while Obama demanded they change the way they do business and give the taxpayers stock in return. The rightwing screamed they would be asking for more money in six months, GM would fail anyway.....we would never see a cent of our money

Major win for Obama...Saved tens of thousands of jobs, saved the auto industry in the US and we are gradually getting our money back

Obama knows how to run an auto company?

Bankruptcy is reorganization, not end of operations.

Evidently...he does

 

[The T]

I'm sorry... I hurt myself from laughing so hard at the Obama Fluffers here.

He did what?! LOL?

It is any wonder we have $3 trillion deficit in 2 years?

LOL

It's a wonder its not a $17 trillion deficit

Yeah the people love a loss of $11 a share on their forced investment.

 

[rightwinger]

Obama didn't bail out GM....

That was all Dubya.

No. Bush gave straight money. Obama held them accountable.

But don't worry I will keep beating you badly just like my Rams did to the Panthers. Ouch. Harsh Man.

Bush bailed them out... Obama had the Stimulus.

Obama didn't do shit.

LOL....yea

Tell it to all the Auto workers who still have their jobs today

 

[Revere]

One difference between Obama and Bush

Bush just handed them money while Obama demanded they change the way they do business and give the taxpayers stock in return. The rightwing screamed they would be asking for more money in six months, GM would fail anyway.....we would never see a cent of our money

Major win for Obama...Saved tens of thousands of jobs, saved the auto industry in the US and we are gradually getting our money back

Obama knows how to run an auto company?

Bankruptcy is reorganization, not end of operations.

Evidently...he does

Because he ordered them to push an electric car with a range of 30 miles?

Or because he gave them sweetheart tax breaks ($45b) to inflate their stock price?

Which one highlights Obama's prowess as an auto company executive?

 

[hortysir]

And Uncle Sam will still hold *at least* 1/3

 

[Tom Clancy]

No. Bush gave straight money. Obama held them accountable.

But don't worry I will keep beating you badly just like my Rams did to the Panthers. Ouch. Harsh Man.

Bush bailed them out... Obama had the Stimulus.

Obama didn't do shit.

LOL....yea

Tell it to all the Auto workers who still have their jobs today

Excuse me? Who was the one who signed in the Bailout? That's what counts.

Obama did his part, but he didn't sign it nor did he have the idea.


Besides, both the Bailout and Stimulus in my opinion was a waste.

Expecting to reduce the deficit by spending more money? Yeahh.... awesome logic!


Oh wait! let's not forget that Ford is doing way better than GM and Chrysler and didn't accept any funds.

 

[The T]

Never mind that the tax payers are on the hook for 70 billion dollars and Communist China owns 1% stock in GM now. It was a failure and GM would have suvived. The GOv't. just made things worse.

GM and the rest sould have just failed.

 

[Political Junky]

A glorious sucess, which saved between a million and two million jobs.

 

[Ragnar]

Obama knows how to run an auto company?

Bankruptcy is reorganization, not end of operations.

Evidently...he does

Because he ordered them to push an electric car with a range of 30 miles?

Or because he gave them sweetheart tax breaks ($45b) to inflate their stock price?

Which one highlights Obama's prowess as an auto company executive?

Yeah, what was that about?

Think Twice About Buying GM Stock as a Private Citizen! (Or as a Taxpayer!) - Hit & Run : Reason Magazine

Also in the comments, Ken Schultz flags another related story from the Wall Street Journal, one that discusses a different type of preferential treatment for GM. The post-bankruptcy "new" GM won't have to pay $45.4 billion taxes on future profits:

The tax benefit stems from so-called tax-loss carry-forwards and other provisions, which allow companies to use losses in prior years and costs related to pensions and other expenses to shield profits from U.S. taxes for up to 20 years. In GM's case, the losses stem from years prior to when GM entered bankruptcy.

So there's no misundertanding, this is unusual given the type of restructuring that GM went through:

Usually, companies that undergo a significant change in ownership risk having major restrictions put on their tax benefits. The U.S. bailout of GM, in which the Treasury took a 61% stake in the company, ordinarily would have resulted in GM having such limits put on its tax benefits, according to tax experts.

But the federal government, in a little-noticed ruling last year, decided that companies that received U.S. bailout money under the Troubled Asset Relief Program won't fall under that rule.

"The Internal Revenue Service has decided that the government's involvement with these companies, both its acquisitions plus its disposals of their stock, means they should be exempt" from the rule, said Robert Willens, a New York tax consultant who advises investment banks and hedge funds.

...

On Edit:

WSJ link...

http://online.wsj.com/article/SB10001424052748704462704575590642149103202.html

 

[Revere]

A glorious sucess, which saved between a million and two million jobs.

Uh, no, dumbass, they killed plenty of jobs at dealerships, and crashed bondholders to do it.

Those jobs would have been saved through reorganization, too at no cost to taxpayers.

 

[rightwinger]

Obama knows how to run an auto company?

Bankruptcy is reorganization, not end of operations.

Evidently...he does

Because he ordered them to push an electric car with a range of 30 miles?

Or because he gave them sweetheart tax breaks ($45b) to inflate their stock price?

Which one highlights Obama's prowess as an auto company executive?

No

Because he got them to pare down unprofitable companies, required workers and retirees to accept pay and benefit cuts, because he required executives to accept lower pay and because he stopped a panic that would have led to the collapse of the American auto industry

 

[Yurt]

One difference between Obama and Bush

Bush just handed them money while Obama demanded they change the way they do business and give the taxpayers stock in return. The rightwing screamed they would be asking for more money in six months, GM would fail anyway.....we would never see a cent of our money

Major win for Obama...Saved tens of thousands of jobs, saved the auto industry in the US and we are gradually getting our money back

bump

bush....bush who...it is all obama