Obama Scewed You out of Billions

Discussion in 'Politics' started by Nova78, Dec 19, 2012.

  1. Nova78
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    Nova78 Silver Member

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    GM to buy back 200M shares as part of gov't exit | Comcast

    GM said Wednesday it will spend $5.5 billion to buy back 200 million shares from the Treasury by the end of this year. The government, in turn, plans to sell its remaining stake of 300 million shares on the open market over the next 12 to 15 months.

    GM will pay $27.50 for each share, about an 8 percent premium over Tuesday's closing price of $25.49. The shares shot up about 7 percent to $27.30 in Wednesday morning trading.

    The government is almost certain to lose billions on the $49.5 billion bailout that saved GM from being auctioned off in pieces during the financial crisis in 2008 and 2009. The Treasury says it will have recouped about $28.7 billion after GM completes its buyback. So, to break even, Treasury would have to sell the remaining 300 million shares for average of about $70 each.


    All you have to be is a fuck-up to get a Nobel peace prize and your face on the cover of time magazine...
    $obama-michelle-party-wh-photo.jpg

    $obama-tuxedo.jpg
     
    Last edited: Dec 19, 2012
  2. Oldguy
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    Oldguy Senior Member

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    I don't see how we can lose money since GM stock was selling for about $1 a share at the time the government bought a controlling interest in it.
     
  3. WillowTree
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    WillowTree Diamond Member

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    Seven billion is what the American Taxpayer will lose. We will never get it back, buy Toyota.
     
  4. occupied
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    occupied Gold Member

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    We uselessly spend billions and billions keeping the defense industry flush with cash, not sure why this is an issue. We still have an American auto industry, that has to worth something.
     
  5. WillowTree
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    WillowTree Diamond Member

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    you were lied to and taken advantage of,, deal with it.
     
  6. g5000
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    g5000 Diamond Member

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    You seem to think the government bought all its shares at a dollar a pop. You really weren't paying attention to how the bailout worked, were you.

    .
     
  7. asaratis
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    asaratis Uppity Senior Citizen Gold Supporting Member Supporting Member

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    The bailout worked for Obama by allowing him to give GM stock to the union goons instead of paying off the preferred creditors as was supposed to have happened under US bankruptcy laws.

    Obama said, "Fuck the law!...I'm givin' this money to the unions!"


    That's how it "worked"!

    Obama is against the law!
     

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