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Unfortunately the American taxpayer is going to take it in the shorts once more. From the Wall Street Journal today:
“All told, the Treasury put $49.5 billion into GM. Once GM’s buyback is complete, the Treasury will have recovered to date about $28.6 billion.”
Too bad that program didn’t work out like the politically unpopular bank bailout. The government actually profited from that. They netted 20 Billion in profit on that one…
Sometimes it’s the cost of remaining a competitive country, and we’ll get much of the rest back in taxes paid by the CEOs and workers, who otherwise would have been drawing unemployment. After all, we made even LESS money off the investment in the interstates that we drive those cars on. I just feel a little sorry for conservative cartoonists who won’t be able to call it “Government Motors” any more.
Is the government have a fire sale? They bought it at $55 and are selling it back at $27. I would have thought they would have sat on that stock until it was higher (or do they know something we don’t).
Called "the Thomas Nast of his time" by The National Review magazine, Payne is an informed journalist whose investigative writing has also made national headlines.
Pat Oliphant by Pat Oliphant
Joel Pett by Joel Pett
Comments (6) (Please sign in to comment)
mickey1339
said, 6 months ago
Unfortunately the American taxpayer is going to take it in the shorts once more. From the Wall Street Journal today:
“All told, the Treasury put $49.5 billion into GM. Once GM’s buyback is complete, the Treasury will have recovered to date about $28.6 billion.”
Too bad that program didn’t work out like the politically unpopular bank bailout. The government actually profited from that. They netted 20 Billion in profit on that one…
http://www.npr.org/2011/03/31/135002312/the-last-word-in-business
ARodney said, 6 months ago
Sometimes it’s the cost of remaining a competitive country, and we’ll get much of the rest back in taxes paid by the CEOs and workers, who otherwise would have been drawing unemployment. After all, we made even LESS money off the investment in the interstates that we drive those cars on. I just feel a little sorry for conservative cartoonists who won’t be able to call it “Government Motors” any more.
Ransom D Stone said, 6 months ago
Henry never disappoints. He is always a Pain in the ……………
mikefive said, 6 months ago
Is the government have a fire sale? They bought it at $55 and are selling it back at $27. I would have thought they would have sat on that stock until it was higher (or do they know something we don’t).
dtroutma
said, 6 months ago
It is again the largest auto company in the world, instead of broken up (further, remember Delco et al?) in bankruptcy.
Gore Bane said, 6 months ago
Soon GM will be paying people to take the Volts off their hands, all at taxpayer expense, of course.