Lets look at how GM is really doing. Another Liberal myth

[Truthmatters]

Prove your claims without using right wing partisan hack site

 

[Truthmatters]

You wont be able to.

Here is what happened.

They were given some tarp money.

They banked it while they decided how to move forward.

then they were given more and and they had a formed plan and moved forward.

After the plan was implimented they realized they did not need the banked money and returned it with interest.

Only partisan hack assholes like you people would try and turn that into some fucking political hey.

 

[Sunshine]

You wont be able to.

Here is what happened.

They were given some tarp money.

They banked it while they decided how to move forward.

then they were given more and and they had a formed plan and moved forward.

After the plan was implimented they realized they did not need the banked money and returned it with interest.

Only partisan hack assholes like you people would try and turn that into some fucking political hey.

They still can't build a Cadillac!~

 

[Truthmatters]

Troubled Asset Relief Program - Wikipedia, the free encyclopedia


On December 19, 2008, President Bush used his executive authority to declare that TARP funds may be spent on any program that Secretary of Treasury Henry Paulson,[18] deemed necessary to alleviate the financial crisis.

 

[Truthmatters]

Please remember, by the way, that TARP was supposed to be for "financial institutions" yet GM, a car company managed to get 50 billion in TARP funds...which they then used to pay off their bailout debt.

To use an analogy...it's like borrowing 20 bucks from your parents to put gas in the car...putting five bucks worth in the tank and putting the remainder in your pocket.

Then why didnt you scream when Bush and Paulson changed things?

 

[Truthmatters]

ahhh none of their lies could hold up to the facts.

Good thing you guys dont do facts huh?

no wonder your party is dying

 

[Oldstyle]

You wont be able to.

Here is what happened.

They were given some tarp money.

They banked it while they decided how to move forward.

then they were given more and and they had a formed plan and moved forward.

After the plan was implimented they realized they did not need the banked money and returned it with interest.

Only partisan hack assholes like you people would try and turn that into some fucking political hey.

What GM "did" was to take part of the 50 billion they got from us taxpayers in TARP money and use THAT to pay back part of the money they borrowed from us taxpayers as part of the auto bailout plan. This isn't even robbing Peter to pay Paul...this is borrowing from Peter to pay Peter back for a previous debt. For the CEO to call a news conference to brag about it is farcical.

 

[Foxfyre]

This is from a recent Huffington Post article, and I doubt even TM would consider Huffpo a rightwing propaganda publication.

WASHINGTON — Companies that were bailed out during the financial crisis still owe U.S. taxpayers nearly $133 billion. Treasury's plans to recoup that money have been slowed by the volatile stock market and weakness among smaller banks.

Some of the money will never be recovered.

That's the conclusion of the acting inspector general for the government's financial bailout. Some bailout programs, like the effort to reduce home foreclosures, will last as late as 2017, the inspector general said. Those programs could cost an additional $50 billion or more.

Among the largest bailed-out companies, American International Group Inc. still owes taxpayers around $50 billion, General Motors Co. owes about $25 billion and Ally Financial Inc. about $12 billion.

The 371 banks that still owe money include Regions Financial Corp., which owes $3.5 billion; Zions Bancorporation, $1.4 billion; Synovus Financial Corp., $967.9 million; Popular Inc., $935 million; First Bancorp of San Juan, Puerto Rico, $400 million; and M&T Bank Corp., $381.5 million.

After the 2008 financial crisis, Congress authorized $700 billion for the bailout of financial companies and automakers, called the Troubled Asset Relief Program, or TARP. About $413 billion was lent. So far, the government has recovered about $318 billion, or about 77 percent of it.

"TARP is not over," Christy Romero, the acting IG, said in a statement.

Treasury bailed out companies in the form of loans. It converted its loans to some of the biggest recipients into common shares in those companies. Those shares are now trading below Treasury's break-even prices.

For Treasury to sell its stock in the largest recipients at the price where taxpayers would break even – $28.73 a share for AIG, $53.98 for GM – it could take years, the report says. AIG's shares closed Wednesday at $25.31. GM ended at $24.92. Ally isn't publicly traded.
Bailout Still Costing Taxpayers $132.9 Billion And They Won't Be Paid Back For Years: Report

And then of course, freedom loving people ask what the hell the government is doing owning stock in these corporations in the first place.

And what Huffpo did not mention is that our fearless leader considers the repaid TARP monies as not a means to reduce the national debt, but rather to be his own personal petty cash fund to be used for whatever.

 

[JRK]

You wont be able to.

Here is what happened.

They were given some tarp money.

They banked it while they decided how to move forward.

then they were given more and and they had a formed plan and moved forward.

After the plan was implimented they realized they did not need the banked money and returned it with interest.

Only partisan hack assholes like you people would try and turn that into some fucking political hey.

DO WHAT?
Without tarp as well as ignoring the laws that govern BK is the only reason there is a GM

http://www.google.com/url?sa=t&rct=..._4mABQ&usg=AFQjCNFKfoXi3Jv2-XzY1hNTz8Vqr7NYaw

GM stated they made record profits last year. How can they do that and still owe us billions?
returning un used tarp funds? thats like saying you borrowed 50.00 from someone when you only needed 10
You think maybe that was an accident?
Truth matters your way over the line with this. Its just accurate information and there is partisan part with-in this thread

We are being lied to and for one dont like it

 

[JRK]

This is from a recent Huffington Post article, and I doubt even TM would consider Huffpo a rightwing propaganda publication.

WASHINGTON — Companies that were bailed out during the financial crisis still owe U.S. taxpayers nearly $133 billion. Treasury's plans to recoup that money have been slowed by the volatile stock market and weakness among smaller banks.

Some of the money will never be recovered.

That's the conclusion of the acting inspector general for the government's financial bailout. Some bailout programs, like the effort to reduce home foreclosures, will last as late as 2017, the inspector general said. Those programs could cost an additional $50 billion or more.

Among the largest bailed-out companies, American International Group Inc. still owes taxpayers around $50 billion, General Motors Co. owes about $25 billion and Ally Financial Inc. about $12 billion.

The 371 banks that still owe money include Regions Financial Corp., which owes $3.5 billion; Zions Bancorporation, $1.4 billion; Synovus Financial Corp., $967.9 million; Popular Inc., $935 million; First Bancorp of San Juan, Puerto Rico, $400 million; and M&T Bank Corp., $381.5 million.

After the 2008 financial crisis, Congress authorized $700 billion for the bailout of financial companies and automakers, called the Troubled Asset Relief Program, or TARP. About $413 billion was lent. So far, the government has recovered about $318 billion, or about 77 percent of it.

"TARP is not over," Christy Romero, the acting IG, said in a statement.

Treasury bailed out companies in the form of loans. It converted its loans to some of the biggest recipients into common shares in those companies. Those shares are now trading below Treasury's break-even prices.

For Treasury to sell its stock in the largest recipients at the price where taxpayers would break even – $28.73 a share for AIG, $53.98 for GM – it could take years, the report says. AIG's shares closed Wednesday at $25.31. GM ended at $24.92. Ally isn't publicly traded.
Bailout Still Costing Taxpayers $132.9 Billion And They Won't Be Paid Back For Years: Report

And then of course, freedom loving people ask what the hell the government is doing owning stock in these corporations in the first place.

And what Huffpo did not mention is that our fearless leader considers the repaid TARP monies as not a means to reduce the national debt, but rather to be his own personal petty cash fund to be used for whatever.

Let me add
Selling 100% of GMs stock at any price would have it down to 1.00 a share in a matter of hours
There will have to be hedge funds willing to buy chunks of that stock at a rate that is a very very long way from 52 a share, and they would have to buy 100% of them

The ironic thing with this is technically those are our stocks any-way
GM/UAW has brought nothing to the table

 

[code1211]

do you understand anything about investing?


Those numbers are very good return on that money

GM is showing less then a 1% return. 694 million returned vs 51 billion received.

How is that a good ROI. This the life of the investment, not the annual return. Obviously, the annual return is less than a third of that.

Repayment of the debt is not ROI. Repayment is only a return of the money owed. This is not profit and is nothing but holding onto money at a very low interests rate to fund the bonuses of the Union Bosses who made the profit.

Now if we could see what the profitability of the UAW is, THAT would be an impressive number.

 

[code1211]

$23 B returned / $51 B disbursed



what myth?

Repayment of a loan is not a profit. The lenders, US, are still out 28 billion. Income generated from the loan is less than 700 million in 3 years meaning about 1/3 of 1 percent ROI.

This sucks.

 

[JRK]

Again
there is no GM without the tax payer
Every penny they own as well as every stock that is there market cap is tax payers wealth
That stock is really worthless as collateral because if you had to sell a large portion of it to make a payment like people who have real loans do, it would plummet its all ready extremely low value

There assets added will probably not reach what they owe us, if so they could have went chapter 11 without us you would think

General Motors Company: NYSE:GM quotes & news - Google Finance

look at the stock performance also

 

[The T]

Again
there is no GM without the tax payer
Every penny they own as well as every stock that is there market cap is tax payers wealth
That stock is really worthless as collateral because if you had to sell a large portion of it to make a payment like people who have real loans do, it would plummet its all ready extremely low value

There assets added will probably not reach what they owe us, if so they could have went chapter 11 without us you would think

General Motors Company: NYSE:GM quotes & news - Google Finance

look at the stock performance also

We have Bankruptcy laws...the Government saw fit to circumvent it all for the Unions.

The Stockholders got the shaft.

I pulled ALL my stock out of GM...and invested in Ford.

 

[JRK]

Again
there is no GM without the tax payer
Every penny they own as well as every stock that is there market cap is tax payers wealth
That stock is really worthless as collateral because if you had to sell a large portion of it to make a payment like people who have real loans do, it would plummet its all ready extremely low value

There assets added will probably not reach what they owe us, if so they could have went chapter 11 without us you would think

General Motors Company: NYSE:GM quotes & news - Google Finance

look at the stock performance also

We have Bankruptcy laws...the Government saw fit to circumvent it all for the Unions.

The Stockholders got the shaft.

I pulled ALL my stock out of GM...and invested in Ford.

It actually made it to the supreme court and it landed in Justices Ginsberg lap, she ruled it would need to go before the full court
The place they filed the suit was for no other reason to have here have jurisdiction on the matter

 

[Foxfyre]

Again
there is no GM without the tax payer
Every penny they own as well as every stock that is there market cap is tax payers wealth
That stock is really worthless as collateral because if you had to sell a large portion of it to make a payment like people who have real loans do, it would plummet its all ready extremely low value

There assets added will probably not reach what they owe us, if so they could have went chapter 11 without us you would think

General Motors Company: NYSE:GM quotes & news - Google Finance

look at the stock performance also

That's the thing. If the government had stayed out of it, GM almost certainly would have declared bankruptcy. Then it could have reorganized, renegotiated union contracts, and otherwise cleaned up its act so that it could have become profitable again. The way the government handled it ensured that it will likely never be profitable again. At least UNTIL it declares a real bankruptcy and goes throught the necessary process of reorganization and sheds itself of unsustainable contracts, etc.

How much money, pain, recession, and swelling national debt could the federal government have saved us all had they just allowed the practical natural free market solutions to have worked? It would have been hugely painful but it was anyway. And we would now have it all behind us and would likely we well out of the recession and prospering again. And a responsible Congress would have repaired Fannie and Freddie and other regulatory processes necessary to re-establish fiscal sanity.

As it is, all the old problems are still there, we have added mega trillions to the national debt will trillion dollar deficits as far as the eye can see, and no solutions in sight. While the recession plods along.

 

[JRK]

Again
there is no GM without the tax payer
Every penny they own as well as every stock that is there market cap is tax payers wealth
That stock is really worthless as collateral because if you had to sell a large portion of it to make a payment like people who have real loans do, it would plummet its all ready extremely low value

There assets added will probably not reach what they owe us, if so they could have went chapter 11 without us you would think

General Motors Company: NYSE:GM quotes & news - Google Finance

look at the stock performance also

That's the thing. If the government had stayed out of it, GM almost certainly would have declared bankruptcy. Then it could have reorganized, renegotiated union contracts, and otherwise cleaned up its act so that it could have become profitable again. The way the government handled it ensured that it will likely never be profitable again. At least UNTIL it declares a real bankruptcy and goes throught the necessary process of reorganization and sheds itself of unsustainable contracts, etc.

How much money, pain, recession, and swelling national debt could the federal government have saved us all had they just allowed the practical natural free market solutions to have worked? It would have been hugely painful but it was anyway. And we would now have it all behind us and would likely we well out of the recession and prospering again. And a responsible Congress would have repaired Fannie and Freddie and other regulatory processes necessary to re-establish fiscal sanity.

As it is, all the old problems are still there, we have added mega trillions to the national debt will trillion dollar deficits as far as the eye can see, and no solutions in sight. While the recession plods along.

GM did not have the assets to survive BK
They would have been 100% liquidated, it was 100% chapter 7

GWB saved them actually
They had enough assets to cover the 20 billion he gave them Dec 2008. The agreement was that no more and there were to have a plan in place by 3/2009
We know what really happened after that

 

[CrusaderFrank]

Compared to Solyandra, those are GREAT returns

 

[JRK]

Compared to Solyandra, those are GREAT returns

That is funny except it cost 10s of thousands of jobs it would have moved to the south as well as Ford picking up some of the new work
Most would have moved to Toyota, Honda etc...
All this has done is save the UAW from total collapse

I want to make a comment for the record about the UAW
GM blew it, not the UAW. Now hold on
GM should have sold there product at cost plus profit
If that meant the yearly output only required 100 people from the UAW to assemble it, so be it

 

[sparky]

The bailouts where all about greasing corporatism, which has about as much allegiamce to America as any given whore

once one comes to terms with that, we can talk about federal tax payer backed socialism

~S~