Govt sells its GM stock. Admits Obama lost taxpayers $10.5 Billion

ShootSpeeders

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May 13, 2012
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Obozo can't do anything right. Bailing out GM was both stupid and unconstitutional.

Feds sell final stake in GM | The Detroit News

DECEMBER 9, 2013 AT 7:07 PM

Don’t call it Government Motors anymore.

The Obama administration ended the government’s historic nearly five-year intervention in the U.S. auto sector Monday. U.S. Treasury Secretary Jack Lew said it had sold its final shares in the Detroit automaker, leaving taxpayers with a $10.5 billion loss on the $49.5 billion bailout.

The move means GM is finally free of government pay restrictions for top executives and can again pay dividends on its common stock.

GM chairman and CEO Dan Akerson, who learned Monday in a telephone call from a Treasury official overseeing the bailout that the government had exited the company, thanked Treasury officials. “The U.S. Treasury’s ownership exit closes just one chapter in GM’s ongoing turnaround story. We will always be grateful for the second chance extended to us and we are doing our best to make the most of it.”
 
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Obozo threw capitalism right out the window with all his bailouts. Companies no longer have an incentive to be frugal. Give the workers and execs all the money they want and count on a bailout when things fall apart.
 
Bin Laden is dead.
The auto industry is alive.
And we cost the American taxpayer almost $11 billion.

Joe Biden said in an interview to be aired later in the week.
Biden also said....

Just wait until the whole effect of Obama Care kicks in....
The American people wont know what the hell hit them...he said laughing.
 
We lost money through GM but made money on the banks. How much did we make? Some, but not even enough to keep up with inflation.

Now, if you are saying that TARP was Obama's baby, though, that would be wrong. The bailouts were approved under Bush with unprecedented bi-partisan approval from congress.


Refresher Course: TARP
October 27, 2010 - by Donny Shaw

The vote that best represents the general anger with Congress these days is passage of TARP, the taxpayer-backed bailout program that rescued the banks and car companies from bankruptcy, but did nothing to help the unemployed or foreclosed. Unfortunately, when asked, most people get the basic facts about TARP wrong. I’m not talking about the impacts of the policy or whether or not it was a good idea, just the basic, verifiable facts like who proposed it and who voted for it.

Given that this is still weighing on voters’ minds, and that it’s been more than two years since the actual vote, here’s a quick refresher.

1) TARP was proposed top-down by the Bush Administration and passed on a bipartisan basis by the Democratically-controlled 110th Congress. Remarkably, only 34% of people know that TARP was a Bush program, not an Obama program. It was submitted to Congress by then-Treasury Secretary Henry Paulson in mid-September 2008, approved by the Senate on October 1, 2008, and in the House a couple days later on October 3rd. The Democratic and Republican leadership in both chambers of Congress lobbied and whipped their members on passing the bill.

2) Although proposed by the Bush Administration, TARP was supported by Obama as a candidate and continued by the Obama Administration. Early in the Obama Administration, around the time the AIG bonus scandal broke, there was a sense that TARP may be terminated and that a new program for insolvent banks would be put in place. But, of course, that didn’t happen. In fact, Obama threatened to veto any attempt by Congress to restrict the dispersal of additional TARP funds.

3) TARP was bipartisan. More Democrats voted for it than Republicans in both chambers, but the level of bipartisanship in the TARP vote was pretty much unprecedented for such a controversial piece of legislation. In the House, 171 Democrats and 91 Republicans voted for it. In the Senate 40 Democrats, 33 Republicans and 1 Independent voted for it. See the full roll call details here — Senate and House.

http://www.opencongress.org/vote/2008/s/213

http://www.opencongress.org/vote/2008/h/681

Refresher Course: TARP - Blog - OpenCongress


Anyone trying to pin the bailouts on the dems needs a refresher course on who voted for it.
 
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Republicans cost us 24 billion during the government shutdown. They gave away 9 billion in cash in Iraq in a single day in unmarked 50's and 100's. What do they care about giving money away?

shrink-wrapped-iraq-cash-afp-300x2001.jpg
 
Taxpayers lost far more thn $10B. As part of the legally fraudulent bankruptcy process, the Federal Government allowed GM to keep a large amount of Net Operating Losses, with which they are avoiding Federal Income Taxes.

In NON-CRONY bankruptcies, such NOL assets are voided as part of the restructuring process.

Hopenchange!
 
Republicans cost us 24 billion during the government shutdown. They gave away 9 billion in cash in Iraq in a single day in unmarked 50's and 100's. What do they care about giving money away?

shrink-wrapped-iraq-cash-afp-300x2001.jpg

Right. So when the GOP does it, it's awful and bad and not nice.

When Democrats do it, especially Obama -- All Hail Barry! -- it's good and righteous and holy.

It must absolutely SUCK to be as stupid as you are.
 
Republicans cost us 24 billion during the government shutdown. They gave away 9 billion in cash in Iraq in a single day in unmarked 50's and 100's. What do they care about giving money away?

shrink-wrapped-iraq-cash-afp-300x2001.jpg

Right. So when the GOP does it, it's awful and bad and not nice.

When Democrats do it, especially Obama -- All Hail Barry! -- it's good and righteous and holy.

It must absolutely SUCK to be as stupid as you are.

When "Barry" did it, it saved thousands of jobs and an American industry.

When Republicans did it, thousands were left maimed and dead and we got nothing but debt and enemies in return.

See? Exactly the same, right? Wasn't that your point?
 
We lost money through GM but made money on the banks. How much did we make? Some, but not even enough to keep up with inflation.

Now, if you are saying that TARP was Obama's baby, though, that would be wrong. The bailouts were approved under Bush with unprecedented bi-partisan approval from congress.


Refresher Course: TARP
October 27, 2010 - by Donny Shaw

The vote that best represents the general anger with Congress these days is passage of TARP, the taxpayer-backed bailout program that rescued the banks and car companies from bankruptcy, but did nothing to help the unemployed or foreclosed. Unfortunately, when asked, most people get the basic facts about TARP wrong. I’m not talking about the impacts of the policy or whether or not it was a good idea, just the basic, verifiable facts like who proposed it and who voted for it.

Given that this is still weighing on voters’ minds, and that it’s been more than two years since the actual vote, here’s a quick refresher.

1) TARP was proposed top-down by the Bush Administration and passed on a bipartisan basis by the Democratically-controlled 110th Congress. Remarkably, only 34% of people know that TARP was a Bush program, not an Obama program. It was submitted to Congress by then-Treasury Secretary Henry Paulson in mid-September 2008, approved by the Senate on October 1, 2008, and in the House a couple days later on October 3rd. The Democratic and Republican leadership in both chambers of Congress lobbied and whipped their members on passing the bill.

2) Although proposed by the Bush Administration, TARP was supported by Obama as a candidate and continued by the Obama Administration. Early in the Obama Administration, around the time the AIG bonus scandal broke, there was a sense that TARP may be terminated and that a new program for insolvent banks would be put in place. But, of course, that didn’t happen. In fact, Obama threatened to veto any attempt by Congress to restrict the dispersal of additional TARP funds.

3) TARP was bipartisan. More Democrats voted for it than Republicans in both chambers, but the level of bipartisanship in the TARP vote was pretty much unprecedented for such a controversial piece of legislation. In the House, 171 Democrats and 91 Republicans voted for it. In the Senate 40 Democrats, 33 Republicans and 1 Independent voted for it. See the full roll call details here — Senate and House.

http://www.opencongress.org/vote/2008/s/213

http://www.opencongress.org/vote/2008/h/681

Refresher Course: TARP - Blog - OpenCongress


Anyone trying to pin the bailouts on the dems needs a refresher course on who voted for it.

I blame those that voted for it and it was wrong. The government should not pick who wins and fails, the government should not take hard working American's hard earned money and give it to a group of crooks. Those that voted for TARP should have been voted out of office. It was wrong, it burdened America with more debt, it was a bad decision to let middle class America bail out unions, Wall Street crooks and then tell us how their fault will cost taxpayers more money.

No one was prosecuted for the out right theft.

Left or right? Who gives a shit, we were sold out by politicians, and the Democratic Bastards make a claim that they are for the middle class and the poor? Fuck THEM the lying bitches.
 
We lost money through GM but made money on the banks. How much did we make? Some, but not even enough to keep up with inflation.

Now, if you are saying that TARP was Obama's baby, though, that would be wrong. The bailouts were approved under Bush with unprecedented bi-partisan approval from congress.


Refresher Course: TARP
October 27, 2010 - by Donny Shaw

The vote that best represents the general anger with Congress these days is passage of TARP, the taxpayer-backed bailout program that rescued the banks and car companies from bankruptcy, but did nothing to help the unemployed or foreclosed. Unfortunately, when asked, most people get the basic facts about TARP wrong. I’m not talking about the impacts of the policy or whether or not it was a good idea, just the basic, verifiable facts like who proposed it and who voted for it.

Given that this is still weighing on voters’ minds, and that it’s been more than two years since the actual vote, here’s a quick refresher.

1) TARP was proposed top-down by the Bush Administration and passed on a bipartisan basis by the Democratically-controlled 110th Congress. Remarkably, only 34% of people know that TARP was a Bush program, not an Obama program. It was submitted to Congress by then-Treasury Secretary Henry Paulson in mid-September 2008, approved by the Senate on October 1, 2008, and in the House a couple days later on October 3rd. The Democratic and Republican leadership in both chambers of Congress lobbied and whipped their members on passing the bill.

2) Although proposed by the Bush Administration, TARP was supported by Obama as a candidate and continued by the Obama Administration. Early in the Obama Administration, around the time the AIG bonus scandal broke, there was a sense that TARP may be terminated and that a new program for insolvent banks would be put in place. But, of course, that didn’t happen. In fact, Obama threatened to veto any attempt by Congress to restrict the dispersal of additional TARP funds.

3) TARP was bipartisan. More Democrats voted for it than Republicans in both chambers, but the level of bipartisanship in the TARP vote was pretty much unprecedented for such a controversial piece of legislation. In the House, 171 Democrats and 91 Republicans voted for it. In the Senate 40 Democrats, 33 Republicans and 1 Independent voted for it. See the full roll call details here — Senate and House.

Senate Roll Call #213 Details: To amend section 712 of the Employee Retirement Income Security Act of 1974,... OpenCongress

House Roll Call #681 Details: To amend section 712 of the Employee Retirement Income Security Act of 1974,... OpenCongress

Refresher Course: TARP - Blog - OpenCongress


Anyone trying to pin the bailouts on the dems needs a refresher course on who voted for it.

I blame those that voted for it and it was wrong. The government should not pick who wins and fails, the government should not take hard working American's hard earned money and give it to a group of crooks. Those that voted for TARP should have been voted out of office. It was wrong, it burdened America with more debt, it was a bad decision to let middle class America bail out unions, Wall Street crooks and then tell us how their fault will cost taxpayers more money.

No one was prosecuted for the out right theft.

Left or right? Who gives a shit, we were sold out by politicians, and the Democratic Bastards make a claim that they are for the middle class and the poor? Fuck THEM the lying bitches.

I'm not happy either, that we bailed out corporations that acted in a wasteful and criminal manor. The truth is, if Bush had not done what he did, the whole thing would have collapsed and not recovered for decades.

Almost all of the economist were saying that this was necessary.

Now, we are trying to say it was Obama's fault? Some people are downright stupid at times.

11 billion? We got off lucky.
 
We lost money through GM but made money on the banks. How much did we make? Some, but not even enough to keep up with inflation.

Now, if you are saying that TARP was Obama's baby, though, that would be wrong. The bailouts were approved under Bush with unprecedented bi-partisan approval from congress.


Refresher Course: TARP
October 27, 2010 - by Donny Shaw

The vote that best represents the general anger with Congress these days is passage of TARP, the taxpayer-backed bailout program that rescued the banks and car companies from bankruptcy, but did nothing to help the unemployed or foreclosed. Unfortunately, when asked, most people get the basic facts about TARP wrong. I’m not talking about the impacts of the policy or whether or not it was a good idea, just the basic, verifiable facts like who proposed it and who voted for it.

Given that this is still weighing on voters’ minds, and that it’s been more than two years since the actual vote, here’s a quick refresher.

1) TARP was proposed top-down by the Bush Administration and passed on a bipartisan basis by the Democratically-controlled 110th Congress. Remarkably, only 34% of people know that TARP was a Bush program, not an Obama program. It was submitted to Congress by then-Treasury Secretary Henry Paulson in mid-September 2008, approved by the Senate on October 1, 2008, and in the House a couple days later on October 3rd. The Democratic and Republican leadership in both chambers of Congress lobbied and whipped their members on passing the bill.

2) Although proposed by the Bush Administration, TARP was supported by Obama as a candidate and continued by the Obama Administration. Early in the Obama Administration, around the time the AIG bonus scandal broke, there was a sense that TARP may be terminated and that a new program for insolvent banks would be put in place. But, of course, that didn’t happen. In fact, Obama threatened to veto any attempt by Congress to restrict the dispersal of additional TARP funds.

3) TARP was bipartisan. More Democrats voted for it than Republicans in both chambers, but the level of bipartisanship in the TARP vote was pretty much unprecedented for such a controversial piece of legislation. In the House, 171 Democrats and 91 Republicans voted for it. In the Senate 40 Democrats, 33 Republicans and 1 Independent voted for it. See the full roll call details here — Senate and House.

Senate Roll Call #213 Details: To amend section 712 of the Employee Retirement Income Security Act of 1974,... OpenCongress

House Roll Call #681 Details: To amend section 712 of the Employee Retirement Income Security Act of 1974,... OpenCongress

Refresher Course: TARP - Blog - OpenCongress


Anyone trying to pin the bailouts on the dems needs a refresher course on who voted for it.

I blame those that voted for it and it was wrong. The government should not pick who wins and fails, the government should not take hard working American's hard earned money and give it to a group of crooks. Those that voted for TARP should have been voted out of office. It was wrong, it burdened America with more debt, it was a bad decision to let middle class America bail out unions, Wall Street crooks and then tell us how their fault will cost taxpayers more money.

No one was prosecuted for the out right theft.

Left or right? Who gives a shit, we were sold out by politicians, and the Democratic Bastards make a claim that they are for the middle class and the poor? Fuck THEM the lying bitches.

I'm not happy either, that we bailed out corporations that acted in a wasteful and criminal manor. The truth is, if Bush had not done what he did, the whole thing would have collapsed and not recovered for decades.

Almost all of the economist were saying that this was necessary.

Now, we are trying to say it was Obama's fault? Some people are downright stupid at times.

11 billion? We got off lucky.

The fault lies in decades of stupid decisions that finally culminated in 2008, I have never blamed one President or one party for 2008. The recovery, or lack there of, I realized that the government felt some need for a fix, but as usual, they wasted that. I hold Obama accountable for that. It slowed the recovery.

The truth is, we do not know what would have happened if there was no bail out.

All we got was propaganda, the truth is companies fail all the time, the economy survives. It would have in 2008, the government gave in.
 
Republicans cost us 24 billion during the government shutdown. They gave away 9 billion in cash in Iraq in a single day in unmarked 50's and 100's. What do they care about giving money away?

shrink-wrapped-iraq-cash-afp-300x2001.jpg

Lefties are going bat shit crazy over 24 billion....

But don't seem to give a rat's ass that we are over $17 trillion in debt.

So excuse me if I don't care much about the left's anger here.
 

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