Here is evidence that State Socialism works

Discussion in 'Economy' started by Micky G. Jagger, Sep 6, 2010.

  1. Micky G. Jagger
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    Micky G. Jagger Member

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    Here is evidence that Socialism works:

    In just thirteen months, U. S. Government control of the means of production and distribution of General Motors products has turned the company around, The company is now being operated for the benefit of the people and is earning a nice profit, 61% of which goes to the U. S. Government and reduces the federal budget deficit.

    DETROIT, Mich. – General Motors Company today announced its second quarter 2010 results, marked by revenue of $33.2 billion and net income attributable to common stockholders of $1.3 billion, resulting in earnings per share on a diluted basis of $2.55. GM’s second quarter earnings before interest and tax (EBIT) was $2.0 billion.

    GM North America had EBIT in the second quarter 2010 of $1.6 billion, up from $1.2 billion in the first quarter. GM Europe had a loss before interest and taxes of $0.2 billion, an improvement of $0.3 billion from the first quarter. GM International Operations posted EBIT of $0.7 billion, down from $1.2 billion in the first quarter.

    Cash flow from operating activities was $3.9 billion and after adjusting for capital expenditures of $1.1 billion, free cash flow was $2.8 billion. GM ended the second quarter with $32.5 billion in cash and marketable securities, including funds in the Canadian Health Care Trust escrow.

    “I am pleased with our progress on achieving our business objectives,” said Chris Liddell, vice chairman and chief financial officer. “We have delivered strong product, maintained cost discipline, progressed strategic initiatives such as restructuring Europe and acquiring AmeriCredit, and delivered two consecutive quarters of profitability and positive cash flow.”​
     
  2. del
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    del BANNED

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    Reuters) - The U.S. government is likely to take a loss on General Motors Co in the first offering of the automaker's stock, six people familiar with preparations for the landmark IPO said.

    Subsequent offerings of the government's holdings may be profitable depending on how investors trade the newly listed stock, the sources said.

    But the question of whether taxpayers are ultimately made whole on GM's $50 billion bailout could be left open for years, the people said.

    Taxpayers likely to face initial loss on GM IPO: sources | Reuters

    yeah, works great :thup:

    :lol::lol::lol::lol:

    or, we could win the lottery...
     
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  3. johnrocks
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    johnrocks Silver Member

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    Punk'd by the first post:lol::clap2: and even "liberal" don't work, just look at Michigan for cryin out loud.
     
  4. California Girl
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    California Girl BANNED

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    Assuming you're American, I suggest you fuck off and go live in a socialist country then. We can help you pack. Bye.
     
  5. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Only Liberals view failure as a success.
     
  6. California Girl
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    California Girl BANNED

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    What it does demonstrate, clearly, is that President of the United States should not be viewed as suitable as 'vocational training'.
     
  7. eagleseven
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    eagleseven Quod Erat Demonstrandum

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    [ame=http://www.youtube.com/watch?v=IwZV0vl7GiE]YouTube - Socialism is Good (?????) - English subtitles[/ame]
     
  8. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Fucking over the Senior Secured Creditors was one of the Great Moments in American Socialism
     
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  9. Pepe
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    Pepe Senior Member

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    Amen

    Grandpa & Grandma Middle America, who used their savings to invest in GM Bonds to supplement Social Security, got bent over and royally screwed when Obama, by Fiat, shredded 100 years of Bankruptcy Law precedent.

    I believe the 55+ year old demographic has that one action branded into their collective memory banks.

    I've pretty much given up on wholesale critisism of Obama & Sychophants as I find it hard to pile on an imbecile who is pouring high octane gas on himself while holding a burning match.
     
  10. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    What a fucking moron. In another thread, you denied over and over again that the 61% ownership constituted control of the means of production and distribution.

    GM's volumes are down year over year, and they are headed towards financial difficulties yet again due to lack of restructuring of the union contracts.

    The S-1 is chockfull of nastiness such as:

    Our management team for financial reporting, under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our internal controls. At December 31, 2009, because of the inability to sufficiently test the effectiveness of remediated internal controls, we concluded that our internal control over financial reporting was not effective. At June 30, 2010 we concluded that our disclosure controls and procedures were not effective at a reasonable assurance level because of the material weakness in our internal control over financial reporting that continued to exist. Until we have been able to test the operating effectiveness of remediated internal controls and ensure the effectiveness of our disclosure controls and procedures, any material weaknesses may materially adversely affect our ability to report accurately our financial condition and results of operations in the future in a timely and reliable manner. In addition, although we continually review and evaluate internal control systems to allow management to report on the sufficiency of our internal controls, we cannot assure you that we will not discover additional weaknesses in our internal control over financial reporting. Any such additional weakness or failure to remediate the existing weakness could materially adversely affect our financial condition or ability to comply with applicable financial reporting requirements and the requirements of the Company’s various financing agreements.

    http://www.thetruthaboutcars.com/gms-s-1-ipo-filing-the-risks/


    Translation: Their Financials are Unreliable and Should Not Be Believed.


    And that's just the financial reporting issue. There are more:

    And then there are other, bigger issues: the $27.4b pension shortfall, the possible bankruptcy of Opel/Vauxhall, the lack of a stock dividend, the possible devaluating effect on common stock prices of Series B preferred stock, the restrictions on executive pay, the VEBA contributions, the debt. All told, there’s a mountain of risk attached to GM’s IPO. Individually the disclosures may seem mundane, but taken together they illustrate the breadth of the challenge facing GM’s turnaround… and that financial controls disclosure is just plain scary.
     
    Last edited: Sep 6, 2010

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