General Motors pushing U.S. to sell stake

Discussion in 'Politics' started by beretta304, Sep 17, 2012.

  1. beretta304
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    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.
     
  2. Mac1958
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    Mac1958 Platinum Member

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    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?

    .
     
  3. Synthaholic
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    Synthaholic Platinum Member

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    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.
     
  4. kwc57
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    kwc57 BOHICA Obama

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    The gubmint can't turn GM loose, it's the model for Dear Ruler's nationalization program of 2013.
     
  5. beretta304
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    beretta304 BANNED

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    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.
     
  6. tjvh
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    tjvh Senior Member

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    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.
     
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  7. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Drink Kool Aid much?

    :lol:
     
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  8. thanatos144
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    thanatos144 Gold Member

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    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.
     
  9. beretta304
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    I was waiting for someone to say they. That's what the administration doesn't want publicized. :clap2:
     
  10. kwc57
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    kwc57 BOHICA Obama

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    Introducing Synthia!

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