GM: The Chickens have come home to roost

[Starbuck]

The government bought GM stock for 40$. Now, because of the burden of government suoervion, GM wants the government to sell their stock and go away.
The government resists, not wanting to take a loss.................

Heh, heh......Tol' Ya, GM!

CHICAGO (MarketWatch) -- The Treasury Department is resisting General Motors' push for the government to sell off its stake in the auto maker, The Wall Street Journal reports. Following a $50 billion bailout in 2009, the U.S. taxpayers now own almost 27% of the company. But the newspaper said GM executives are now chafing at that, saying it hurts the company's reputation and its ability to attract top talent due to pay restrictions. Earlier this year, GM GM -1.31% presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering. But officials at the Treasury Department were not interested as selling now would lead to a multibillion dollar loss for the government, the newspaper noted.

http://www.marketwatch.com/story/gen...ort-2012-09-17

[Bailey]

I heard they bought it at 53 dollars a share?

[LukeEDay]

GM is non existant in my book. That whole bailout was to pay off the UAW, which hasn't changed any of it's practices. They are still paying around $1,500.00 per vehicle sold to cover their benefits and pay scale.

We will never get the money they owe us back. In fact, I look for them to file for bankruptcy here soon. Hopefully the government stays out of it this time.

It appears that they learned what happens when the government buys part of your company. And of course, the Dems are still insisting that GM is thriving. Uh, sorry to break it to the stupid, but, they aren't close to thriving.

[Starbuck]

I heard they bought it at 53 dollars a share?

I don't think so. The below chart shows GM (the new GM) since its inception. The highest it has been is when it was initially offered. Looks kinda like a Facebook chart, doesn't it?

[LukeEDay]

I don't think so. The below chart shows GM (the new GM) since its inception. The highest it has been is when it was initially offered. Looks kinda like a Facebook chart, doesn't it?

It does. They are also the same in the fact that Facebook's IPO was inflated to pay the investors. GM's IPO was inflated to pay the union members who were given first dib shares to pay them off.