Another specter of socialism bites the dust...
http://www.msnbc.msn.com/id/40239242/ns/business-autos/
http://www.msnbc.msn.com/id/40239242/ns/business-autos/
So much for the gov't takeover of GM
- Thread starter Onceler
- Start date
Oh, the specter is still visible....
Taxpayer money used to buy out a private company
Government fires the boss
Government donates a part of the company to Union thugs
Its stock value wiped out
27 billion in bond value wiped out
Its debts forgiven
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Interesting stuff from link...practically proving the UAW demands were as big part of the companys failure in the first place and they get rewarded with part ownership by a supporting a Democratic President...
As for GM, whether bankruptcy actually fixed the company remains an open question. Before the crisis, it was saddled with debt and had a labor contract that called for paying workers even if they weren't working. Massive pension and health care costs kept GM's fixed costs high, and contracts with dealers meant it would be expensive to shut underperforming brands. Combined, those problems put the automaker in a topsy-turvy world where it made more sense to run plants at full bore, even if no one was buying cars.
Bankruptcy fixed much of that. The company closed 14 of its 47 plants, shuttered or sold off its Hummer, Saturn, Saab and Pontiac brands, and slashed its debt from about $46 billion to about $8 billion. Union retiree health care costs are now the United Auto Workers' responsibility, and the controversial jobs program that paid idled workers almost a full salary has been eliminated.
46 BILLION still outstanding?
and
GM is hardly the entire US auto industry.
but
the gift to the UAW was cool...right, jughead?
Liberty
Libertarian Minded
When the bail out happened I said I would never buy another union made car.
And I won't unless that's my only choice.
Ditto .... and I bought a new Honda this spring and a new KIA a couple months ago...GM-never again
Crashk
Unite or Die
Then your next car will be made by GM.
Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, China’s 21st Century Business Herald reports today. [A National Enquirer the paper is not. It is one of China's leading business newspapers, with a daily readership over three million.] The paper cites a senior official of China’s Ministry of Industry and Information Technology– the state regulator of China’s auto industry– who dropped the hint that “the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.” These hints are very often followed with quick action in the Middle Kingdom. The hints were dropped just a few days after the same Chinese government gave its auto makers the go-ahead to invest abroad. And why would they do that?..."
http://www.thetruthaboutcars.com/2008/11/breaking-news-chinese-may-buy-gm-and-chrysler/
I prefer union labor over slave labor. But that's just me.
Which they'll have to sell at $53 per share in order to even break even on our fascistic hostile government takeover.
SmarterthanYou
rebel
say what? 46Billion isn't a loss?
Cancel 2016.2
The Almighty
funny, but even after selling this piece BELOW there breakeven point, the government STILL owns 33%.
cancel2 2022
Canceled
He is starting to sound like AHZ.
Gov't control of industry!
We should celebrate our gov't participating in capitalism so actively.
If anything, America is reverse socialism - industry controlling the gov't....
cancel2 2022
Canceled
Cancel 2018. 3
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amazing what can happen when you prop up a company with BILLIONS of tax payer dollars
and i fail to see why onceler is saying "so much" for the gov't take over....they still own GM
dumb bunny
and i fail to see why onceler is saying "so much" for the gov't take over....they still own GM
dumb bunny
You were one of the biggest fearmongers about the "socialist takeover."
Sorry that GM is doing well & clearly NOT gov't owned & run; hope that's not too disappointing for you...
Cancel 2018. 3
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seriously, stfu with your lies
i wasn't fear mongering at all
it isn't government owned and run...lmao...that is a bald face lie
Cancel 2018. 3
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the government doesn't own gm....
from your own link:
The U.S. government should make about $13.6 billion from the public stock offering. The federal Treasury is unloading more than 400 million shares of GM, reducing its stake in the company from 61 percent to about 33 percent.