Obama Inc. Sells GM Stock for $10 Billion Loss

[American_Jihad]

Everybody knows the gubment always losing da money...

Obama Inc. Sells GM Stock for $10 Billion Loss​

I forget who it was that said the government could lose money running a casino, but over in New York City the government lost money running a circle of horse racing betting parlors. So it’s no surprise that when the government gets into the stock business, it’s going to lose and lose big.

The U.S. Treasury and United Auto Workers union, capitalizing on the automaker’s rising stock price, will sell a combined 50 million shares of General Motors stock today…

Stock analysts say the return to the S&P will prompt significant demand for GM shares. The stock has recently traded near its highest level since February 2011…

In total, Treasury has recouped $30.6 billion. At current trading prices, Treasury would lose around $10 billion on its GM bailout.

A similar argument made about Tesla and Solyndra is that if the government is going to get into the bailout business, it should at least take a cue from Obama pal Warren Buffett and actually make money.

...

Obama Inc. Sells GM Stock for $10 Billion Loss | FrontPage Magazine

 

[TheOldSchool]

Shoulda let those fuckers burn

 

[Zona]

Love your source. A.j. you sir are a liar.

 

[Dragonlady]

The US government hasn't lost $10B on the GM bailout. They still own 241 million shares of GM which they have yet to sell. Until they sell ALL of their holdings in GM, we won't know how much money they have recovered.

What the original article said was if the government were to sell all of its holdings in GM at this price, it would lose $10B.

So once again, the right has misconstrued some number quoted and are now howling with outrage over something that they have made up.

 

[American_Jihad]

All told, taxpayers have recovered $32.5 billion of the $49.5 billion used to restructure the nation’s biggest automaker. The government also still owns 189 million GM shares, worth about $6.5 billion at the $34.41 share price that the Treasury got for the batch of stock it sold this week.

If the Treasury is able to liquidate its remaining stock, as it plans to do over the next 15 months, at that price or above, the government will still be short about $10 billion on its GM investment.

Taxpayers' loss on GM bailout looks to be about $10 billion - latimes.com

I know, the source is questionable...


...2 4 1

 

[American_Jihad]

All told, taxpayers have recovered $32.5 billion of the $49.5 billion used to restructure the nation’s biggest automaker. The government also still owns 189 million GM shares, worth about $6.5 billion at the $34.41 share price that the Treasury got for the batch of stock it sold this week.

If the Treasury is able to liquidate its remaining stock, as it plans to do over the next 15 months, at that price or above, the government will still be short about $10 billion on its GM investment.

Taxpayers' loss on GM bailout looks to be about $10 billion - latimes.com

I know, the source is questionable...

...2 4 1

 

[tjvh]

As long as the Unions got what they wanted, who cares if the Taxpayers take another hit.

 

[JoeBlam]

I've won every fight I've been in about this and bored with it other than to say when you figure in the cost of of two years of unemployment benefits for not only Chrysler and GM workers but those employed around the plants, it's worked out to be a push and we still have heavy industry capable of defending this country in a prolonged war. I'm biased, I'm a native Detroiter and ex-military. Detroit is who won WW2 and will be called upon to win WW3 if it should ever happen. I like the VOLT and will buy one when they up the e-range to 50+ miles. Only thing the muslim dipshit in the WH has done right.

 

[tjvh]

I've won every fight I've been in about this and bored with it other than to say when you figure in the cost of of two years of unemployment benefits for not only Chrysler and GM workers but those employed around the plants, it's worked out to be a push and we still have heavy industry capable of defending this country in a prolonged war. I'm biased, I'm a native Detroiter and ex-military. Detroit is who won WW2 and will be called upon to win WW3 if it should ever happen. I like the VOLT and will buy one when they up the e-range to 50+ miles. Only thing the muslim dipshit in the WH has done right.

A hell of a lot more than Detroit won ww2.

 

[American_Jihad]

I've won every fight I've been in about this and bored with it other than to say when you figure in the cost of of two years of unemployment benefits for not only Chrysler and GM workers but those employed around the plants, it's worked out to be a push and we still have heavy industry capable of defending this country in a prolonged war. I'm biased, I'm a native Detroiter and ex-military. Detroit is who won WW2 and will be called upon to win WW3 if it should ever happen. I like the VOLT and will buy one when they up the e-range to 50+ miles. Only thing the muslim dipshit in the WH has done right.

A hell of a lot more than Detroit won ww2.

AMEN to that, I feel for Detroit, the progressive/liberals destroyed that great town...

 

[auditor0007]

All told, taxpayers have recovered $32.5 billion of the $49.5 billion used to restructure the nation’s biggest automaker. The government also still owns 189 million GM shares, worth about $6.5 billion at the $34.41 share price that the Treasury got for the batch of stock it sold this week.

If the Treasury is able to liquidate its remaining stock, as it plans to do over the next 15 months, at that price or above, the government will still be short about $10 billion on its GM investment.

Taxpayers' loss on GM bailout looks to be about $10 billion - latimes.com

I know, the source is questionable...


...2 4 1

I bet the tax losses would have been much less if there had been no bailout.

I know it's difficult for some of you to look at the big picture. What is scary is that there is a lot of the "some of you".

 

[asterism]

I've won every fight I've been in about this and bored with it other than to say when you figure in the cost of of two years of unemployment benefits for not only Chrysler and GM workers but those employed around the plants, it's worked out to be a push and we still have heavy industry capable of defending this country in a prolonged war. I'm biased, I'm a native Detroiter and ex-military. Detroit is who won WW2 and will be called upon to win WW3 if it should ever happen. I like the VOLT and will buy one when they up the e-range to 50+ miles. Only thing the muslim dipshit in the WH has done right.

So why GM and not the millions of construction workers put out of business due to the housing collapse?

If a "push" is all we're going for, why didn't the government bail out the unemployed Republican consultants after the 2012 election?

 

[JoeBlam]

A hell of a lot more than Detroit won ww2.

Really? And where did the tanks, trucks, several types of aircraft half-tracks, jeeps, machine guns....ah, fuck off.

 

[JoeBlam]

This thread is now on stupid street like it always goes when RW pinheads' hatred of Soetoro goes overboard into mouthing off about the GM/Chrysler bailout....not worth my time to answer pinhead one-liners anymore...been there, done that.

 

[JoeBlam]

A hell of a lot more than Detroit won ww2.

AMEN to that, I feel for Detroit, the progressive/liberals destroyed that great town...

Bullshit. You can post all the pics of slums you want to and they could be taken in any rust-belt city and most of the dirty south. Detroit is not "destroyed", there is major money in the suburbs, the Detroit Tigers are drawing over 3M fans a year at some pretty hefty ticket prices, and yes the automakers are on sound financial footing. You guys stop buying that jap tin and start buying American again and Detroit will be back like before. But then you don't want to talk about YOU having to be patriotic.....not in your garage. Bullshit.

 

[tjvh]

A hell of a lot more than Detroit won ww2.

Really? And where did the tanks, trucks, several types of aircraft half-tracks, jeeps, machine guns....ah, fuck off.

Thanks for demonstrating that you have a complete lack of understanding of the ww2 wartime American economy. Every city in America contributed to wartime production from boot laces to aircraft carriers and everything in between.