General Motors pushing U.S. to sell stake

[beretta304]

General Motors pushing U.S. to sell stake: report - MarketWatch


The Treasury Department is resisting General Motors' push to 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 /quotes/zigman/1466682/quotes/nls/gm GM -1.28% 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.

 

[Mac1958]

.

Well, this is interesting.

As I recall, I was told that when Those Evil, Mean And Greedy Banks chafed at control by the government, and complained they couldn't retain and attract the best talent, they were dismissed out of hand as being evil, mean and greedy.

I'm sure the same will be said about GM. Right?

.

 

[Synthaholic]

GM is just like every other corporation, in that their executives want to pay themselves ridiculous sums of money that they are not worth. No surprises there.

The government will sell the shares when the stock reaches a level that ensures a break-even or a profit. Not before.

And that, folks, is the government doing right by it's citizens, not by it's corporate chieftains.

 

[kwc57]

The gubmint can't turn GM loose, it's the model for Dear Ruler's nationalization program of 2013.

 

[beretta304]

GM is just like every other corporation, in that their executives want to pay themselves ridiculous sums of money that they are not worth. No surprises there.

The government will sell the shares when the stock reaches a level that ensures a break-even or a profit. Not before.

And that, folks, is the government doing right by it's citizens, not by it's corporate chieftains.

They could have filed for bankruptcy and stayed in business at no cost to the taxpayer. It was a UAW payback for it's support.

 

[tjvh]

Well I don't think the Government has any plans to turn GM loose, they have a lock on a business that allows them to usurp their will on what the American people will drive... Not what the American people want to drive. Look at the Volt... It is a failure on such a large scale, they cannot possibly give up on that expensive debacle now... They will continue to waste our Tax dollars subsidizing a technology that is too expensive, and isn't what consumers want -simply to save face... Easy to do when it's our money that's being wasted, and not theirs.

 

[Soggy in NOLA]

GM is just like every other corporation, in that their executives want to pay themselves ridiculous sums of money that they are not worth. No surprises there.

The government will sell the shares when the stock reaches a level that ensures a break-even or a profit. Not before.

And that, folks, is the government doing right by it's citizens, not by it's corporate chieftains.

Drink Kool Aid much?

 

[thanatos144]

Anyone else notice the part that said the government would LOSE money selling????? I thought GM was recovered and PAID back what they owed???? I am guessing not.

 

[beretta304]

Anyone else notice the part that said the government would LOSE money selling????? I thought GM was recovered and PAID back what they owed???? I am guessing not.

I was waiting for someone to say they. That's what the administration doesn't want publicized.

 

[kwc57]

GM is just like every other corporation, in that their executives want to pay themselves ridiculous sums of money that they are not worth. No surprises there.

The government will sell the shares when the stock reaches a level that ensures a break-even or a profit. Not before.

And that, folks, is the government doing right by it's citizens, not by it's corporate chieftains.

Drink Kool Aid much?

Introducing Synthia!

View attachment $untitled.bmp

 

[Synthaholic]

The gubmint can't turn GM loose, it's the model for Dear Ruler's nationalization program of 2013.

You're almost as much an idiot as CF:

My prediction: Obama does not seek a second term

 

[Synthaholic]

Anyone else notice the part that said the government would LOSE money selling????? I thought GM was recovered and PAID back what they owed???? I am guessing not.

If the government sold a bunch of it's shares at the same time, the price would drop, hurting millions of investors.

Wall Street 101, dope.

 

[thanatos144]

Anyone else notice the part that said the government would LOSE money selling????? I thought GM was recovered and PAID back what they owed???? I am guessing not.

If the government sold a bunch of it's shares at the same time, the price would drop, hurting millions of investors.

Wall Street 101, dope.

What bullshit......200 million shares sold to the company would not be shown and far more then 300 million shares are sold of GM everyweek.

 

[GoneBezerk]

Obamination wants to be able to tell them to build more Volts and less Tahoes.

He is a power hungry moron.

 

[Foxfyre]

I will never buy a GM product as long as it is Obama Motors, nor will I recommend a GM product to anybody else. Even as every Chevy Volt coming off the assembly line is costing us taxpayers tens of thousands of dollars; even though the UAW will continue to feather its own nest and will again put GM in financial jeopardy--it probably still is- Obama won't risk those UAW jobs by pulling the subsidy plug. As long as he has control of the company--and a 27% interest essentially gives him total control--he will not give up the ability to order GM to put out a product that keeps UAW workers working. At our expense.

So I can appreciate the honorable people still working in that organization wishing to be released from that stigma. But our fearless leader is not strong on caring what we the people who not increase his power and wealth need or think.

 

[beretta304]

I will never buy a GM product as long as it is Obama Motors, nor will I recommend a GM product to anybody else. Even as every Chevy Volt coming off the assembly line is costing us taxpayers tens of thousands of dollars; even though the UAW will continue to feather its own nest and will again put GM in financial jeopardy--it probably still is- Obama won't risk those UAW jobs by pulling the subsidy plug. As long as he has control of the company--and a 27% interest essentially gives him total control--he will not give up the ability to order GM to put out a product that keeps UAW workers working. At our expense.

So I can appreciate the honorable people still working in that organization wishing to be released from that stigma. But our fearless leader is not strong on caring what we the people who not increase his power and wealth need or think.

Besides the quality sucks as well. I've owned 6 or 7 vehicles as well as just as many Fords. Sorry but American car manufaturers have not learned a thing.

 

[Lovebears65]

GM is just like every other corporation, in that their executives want to pay themselves ridiculous sums of money that they are not worth. No surprises there.

The government will sell the shares when the stock reaches a level that ensures a break-even or a profit. Not before.

And that, folks, is the government doing right by it's citizens, not by it's corporate chieftains.

the difference is most other companies did not get BAILED out with our Tax dollars...

 

[Shelzin]

General Motors pushing U.S. to sell stake: report - MarketWatch


The Treasury Department is resisting General Motors' push to 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 /quotes/zigman/1466682/quotes/nls/gm GM -1.28% 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.

*shrugs*

Declare bankruptcy pay back all the money you owe the government FIRST before ANYTHING else is paid... And you are free to restructure.

And the federal government should NEVER own stock in any god damn business again.

 

[flacaltenn]

GM is just like every other corporation, in that their executives want to pay themselves ridiculous sums of money that they are not worth. No surprises there.

The government will sell the shares when the stock reaches a level that ensures a break-even or a profit. Not before.

And that, folks, is the government doing right by it's citizens, not by it's corporate chieftains.

Boy am I glad you're handling my buy/sell decisions.. If I owned GM stock -- I'd be looking for a quick out before I've got LESS than I do today...

PROFIT???? Keep dreaming.. I got some FaceBook shares for you as soon as I take "my profit"...

A good CEO probably should make as much as an NBA star player eh??? After all he plays EVERY day of the year...

 

[Foxfyre]

GM is just like every other corporation, in that their executives want to pay themselves ridiculous sums of money that they are not worth. No surprises there.

The government will sell the shares when the stock reaches a level that ensures a break-even or a profit. Not before.

And that, folks, is the government doing right by it's citizens, not by it's corporate chieftains.

the difference is most other companies did not get BAILED out with our Tax dollars...

Yep. And GM stock continues to have a junk rating. To Obama's credit, the CEO's pay, reported to be about 9 million--up from just over 2 million in 2010--will be frozen this year. Poor thing. That is less than the CEO's of other U.S. and German auto makers, but more than most Japanese and French CEO's. There are no CEOs of auto makers in any country earning less than seven figures, however.

It really comes down to whether we want the government setting caps on what anybody in the private sector may earn.