Mad Scientist
Feels Good!
- Sep 15, 2008
- 24,196
- 5,431
- 270
GM Files Chapter 11, Government Takes Control of Nearly Three-Quarters of Company - ABC NewsThey bailed out GM-they did not take control of it. Same with the banks. Bailing out =/= taking control. Explain to me how they took control of those organizations (and add proof)-and you gotta point.
You understand that? Government taking control means "Government taking control". If you still don't understand, print that article out and have someone read it to you aloud.Uncle Sam (US Government) will be behind the wheel of the new GM, with the government taking control of nearly three-quarters of the company. Though the UAW and GM's bondholders will hold the rest of the pie, many consider the move is a risky investment for taxpayers. The Obama administration hopes to recoup most of its $50 billion investment in GM in five years. Earlier this month, President Obama expressed confidence that GM's reorganization would be successful.
The Gubamint isn't getting it's money back from GM either. Didn't the Communists (Democrats) say the tax payer would "make money"? Yes they did, in fact that was one of the main reasons to provide a bailout when they should have just filed bankruptcy. Bankruptcy doesn't mean the company goes out of business you know:
Panel: GM stock sale may trim taxpayer recovery - Yahoo! News
By selling a block of its shares in General Motors Co. for $33 each a price far below the "break-even" point the government sharply reduced the chances of taxpayers fully recovering their $50 billion investment in the auto giant, a new report from a congressional watchdog says.