Not Logged In Log In   Sign Up   Points Leaders
Follow Us    1:06 AM

Message Forum - Read Message

Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Ouch! GM Bailout cost $1 Billion More Back to Topics
ifallsguy

Champion Author
Arizona

Posts:5,950
Points:1,903,760
Joined:Apr 2007
Message Posted: Apr 30, 2014 9:49:40 PM

The U.S. government lost $11.2 billion on its bailout of General Motors, almost $1 billion more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday.

The $11.2 billion loss includes a write-off in March of the government's remaining $826 million investment in "old" GM, the quarterly report by a Treasury watchdog said.

The U.S. government spent about $50 billion to bail out GM. As a result of the company's 2009 bankruptcy, the government's investment was converted to a 61 percent equity stake in the Detroit-based automaker, plus preferred shares and a loan.


Visit NBC News for full article
REPLIES (newest first) Post a Reply
Profile Pic
52MPG
Champion Author Dayton

Posts:9,406
Points:2,193,425
Joined:Apr 2006
Message Posted: May 2, 2014 3:22:22 AM

Only Government.
Profile Pic
oldmack
Champion Author Riverside

Posts:1,622
Points:171,545
Joined:Jan 2013
Message Posted: May 2, 2014 3:03:38 AM

ok
Profile Pic
Alaydown
Champion Author Los Angeles

Posts:6,817
Points:1,121,210
Joined:May 2007
Message Posted: May 1, 2014 5:40:58 PM

Also not mentioned in taxpayer losses for bailing out GM, GM was allowed to write off $45.4 billion in losses on its taxes meaning they aren't paying a dime in taxes on any of their profits for the next several years. Unlike other corporations that routinely lose their cumulated tax write-offs in bankruptcy proceedings, the new GM will not have to pay federal taxes for the next decade or so.
Profile Pic
FranklinON
All-Star Author Ottawa

Posts:558
Points:560,020
Joined:Apr 2011
Message Posted: May 1, 2014 3:31:32 PM

So, when they get back to a profit-making position, will they be sharing the profits with the American people as well?
Profile Pic
optionstrader
All-Star Author Indiana

Posts:964
Points:438,080
Joined:Sep 2012
Message Posted: May 1, 2014 2:55:52 PM

At least the government sold out before the stock price collapsed after the ignition recall.
Profile Pic
Night Owl
Champion Author Toronto

Posts:9,620
Points:2,233,700
Joined:Jul 2004
Message Posted: May 1, 2014 2:43:17 PM

SUVFan is exactly right! GM has been completely ungrateful that us taxpayers saved the company.
Profile Pic
MadFueler
Champion Author Winston-Salem

Posts:3,318
Points:624,465
Joined:Sep 2012
Message Posted: May 1, 2014 1:03:06 PM

By adopting a hands-off policy while owning GM, then selling their shares at a loss, the government missed a huge opportunity to truly reform a stagnant behemoth. The bad thing is, it wasn't its biggest waste (but that's another issue).
Profile Pic
SUVFan
Champion Author Columbus

Posts:211,440
Points:2,081,705
Joined:Oct 2008
Message Posted: May 1, 2014 9:34:42 AM

Memo

To: GM Shareholders, Board Members, Execs and Employees

From: Taxpayers

Re: The $11.2 Billion we gave you

The silence demonstrating your gratitude for your gift is deafening.
Profile Pic
scu227
Champion Author New Haven

Posts:6,452
Points:1,222,780
Joined:Feb 2011
Message Posted: May 1, 2014 9:34:33 AM

I'll take a bailout too !!!!!
Profile Pic
hoghead55
Champion Author Missouri

Posts:2,756
Points:219,355
Joined:Aug 2012
Message Posted: May 1, 2014 8:07:48 AM

Wasted tax dollars
Profile Pic
leeac
Champion Author Ohio

Posts:3,759
Points:886,415
Joined:Jan 2012
Message Posted: May 1, 2014 6:47:09 AM

The GM bailout saved thousands of good middle class jobs and was a good investment.
Profile Pic
9C1
Champion Author Chicago

Posts:25,033
Points:4,696,040
Joined:Jul 2001
Message Posted: May 1, 2014 6:46:12 AM

So what's new?
Profile Pic
Grizdad
Champion Author Montana

Posts:7,681
Points:1,110,365
Joined:Oct 2010
Message Posted: May 1, 2014 6:43:14 AM

Remember this when you are doing your homework before casting your vote. Just one of many things that you should take into account.
Profile Pic
ExplodingGlass
Champion Author Maine

Posts:2,402
Points:990,295
Joined:Oct 2008
Message Posted: May 1, 2014 6:29:25 AM

awesome
Profile Pic
VMIJim
Champion Author Alabama

Posts:2,538
Points:554,950
Joined:Jan 2013
Message Posted: May 1, 2014 6:28:55 AM

Same old crap, different day when it comes to the stimulus sucking, union dominated, Oblamer supporting Government Motors. I smell another bailout by Oblamer in exchange for votes for & major contributions to his Nov 2014 Dem candidates. Stop this madness in Nov 2014 & start taking our country back before it's too late!
Profile Pic
installer
Champion Author San Diego

Posts:2,972
Points:923,610
Joined:Nov 2008
Message Posted: May 1, 2014 6:24:59 AM

Details, details. This beast just won't die.
Profile Pic
dr047
Champion Author Cleveland

Posts:4,453
Points:908,390
Joined:Aug 2010
Message Posted: May 1, 2014 6:22:03 AM


What's a Billion here and a Billion there?

When does Joe Shmo get a break"
Profile Pic
Hunter114
Champion Author Chicago

Posts:14,342
Points:1,895,285
Joined:Apr 2009
Message Posted: May 1, 2014 5:50:04 AM

More taxpayer money wasted.
Profile Pic
djgunrunner
Champion Author Salt Lake City

Posts:12,374
Points:2,794,110
Joined:Apr 2005
Message Posted: May 1, 2014 3:46:26 AM

We all have to remember that obama did not waste $ll.2 billion of the governments money, he wasted $11.2 billion of our money and it is going to have to be replaced by us.
Profile Pic
deant99
Champion Author Ontario

Posts:31,205
Points:197,025
Joined:Sep 2011
Message Posted: May 1, 2014 3:02:15 AM

Is that all? Lucky to be in business.
Profile Pic
nurdco
Champion Author Colorado Springs

Posts:12,319
Points:2,147,490
Joined:Apr 2008
Message Posted: May 1, 2014 2:47:30 AM

Wheres our new car???
Profile Pic
ClassicWheeler
Champion Author Montgomery

Posts:2,721
Points:757,275
Joined:Apr 2012
Message Posted: May 1, 2014 2:38:21 AM

This is not a wise bailout.
Profile Pic
seeyardee
Champion Author Sacramento

Posts:10,881
Points:2,245,620
Joined:Apr 2008
Message Posted: May 1, 2014 2:29:48 AM

Still cheaper than those wars.
Profile Pic
Samo1961
Champion Author Los Angeles

Posts:3,616
Points:1,063,750
Joined:Feb 2011
Message Posted: May 1, 2014 2:00:41 AM

Nothing we can do.
Profile Pic
TIGERPAW46
Champion Author Florida

Posts:9,268
Points:1,792,210
Joined:Mar 2004
Message Posted: May 1, 2014 1:57:01 AM

Thank you so much Washington for your wise decisions on the Banks, Auto manufacturers, & Green energy losses. Thank you for putting our future generations trillions of dollars in debt for NOTHING Gained.
Profile Pic
comprof
Champion Author Houston

Posts:9,184
Points:1,807,650
Joined:Jul 2009
Message Posted: May 1, 2014 1:52:30 AM

Fraud at best.
Profile Pic
tobin2010
Champion Author Topeka

Posts:14,213
Points:1,613,380
Joined:Mar 2010
Message Posted: May 1, 2014 1:48:36 AM

X
Profile Pic
jimgraham
Champion Author Akron

Posts:12,546
Points:2,432,575
Joined:Oct 2007
Message Posted: May 1, 2014 1:39:39 AM

No way is is anywhere near that low. I would bet that it really exceeds 20 billion of you even start consider the stuff hidden inside the "old GM" moras.
Profile Pic
wz
Champion Author Twin Cities

Posts:4,597
Points:1,728,270
Joined:Feb 2009
Message Posted: May 1, 2014 1:29:48 AM

The costs continue to add up. And these are just the measurable ones that funneled money directly to GM (and its unions).
Profile Pic
roadrunnerMO
Champion Author Kansas

Posts:10,570
Points:2,152,090
Joined:Jul 2008
Message Posted: May 1, 2014 1:19:41 AM

OBAMA keeps raping the taxpayers. It is time for him and his cronies to go.
Profile Pic
windup
Veteran Author Austin

Posts:391
Points:1,094,950
Joined:Jul 2010
Message Posted: May 1, 2014 1:03:42 AM

That's great.
Profile Pic
Rich1430
Champion Author Indiana

Posts:2,251
Points:676,230
Joined:Mar 2012
Message Posted: May 1, 2014 12:38:50 AM

Not Surprising. The Government could lose anything and not care.
Profile Pic
Cebo
Champion Author Maryland

Posts:2,294
Points:611,715
Joined:Oct 2012
Message Posted: May 1, 2014 12:38:21 AM

The US economy needed GM to remain in business!
Profile Pic
mrkiddd125
Champion Author Detroit

Posts:1,581
Points:685,325
Joined:Dec 2011
Message Posted: May 1, 2014 12:36:07 AM

o well
Profile Pic
sixthzone
All-Star Author Mississippi

Posts:764
Points:432,885
Joined:Jan 2013
Message Posted: May 1, 2014 12:33:54 AM

Geesh
Profile Pic
RickF350
Champion Author Washington

Posts:4,129
Points:751,900
Joined:Apr 2008
Message Posted: May 1, 2014 12:26:30 AM

Have to be crazy to buy anything from Government Motors
Profile Pic
ExplorerWA
Champion Author Washington

Posts:5,907
Points:1,181,305
Joined:Feb 2011
Message Posted: May 1, 2014 12:25:33 AM

The government has money to burn.
Profile Pic
gasmask78
Champion Author Virginia

Posts:4,103
Points:839,355
Joined:Sep 2011
Message Posted: May 1, 2014 12:20:57 AM

crazy.
Profile Pic
FlatulenceOdor
All-Star Author Maryland

Posts:651
Points:623,510
Joined:Sep 2012
Message Posted: May 1, 2014 12:17:15 AM

And are government wants more taxes, from the taxpayers. It's time to cut the waste and their paychecks.
Profile Pic
JagXKR
Champion Author British Columbia

Posts:5,236
Points:1,539,010
Joined:Dec 2009
Message Posted: May 1, 2014 12:07:38 AM

GM is making tons of money and has no intentions of ever making the US taxpayer whole. They went fiscally bankrupt but have always been morally bankrupt.
Profile Pic
tnfran
Champion Author Arizona

Posts:6,483
Points:1,280,905
Joined:Dec 2010
Message Posted: Apr 30, 2014 11:43:47 PM

Well GM ought to take some responsibility for this and pay back the loss.
Profile Pic
clermont40miles
Champion Author Cincinnati

Posts:13,342
Points:2,221,595
Joined:Apr 2008
Message Posted: Apr 30, 2014 11:32:07 PM

Lose - lose. We never were going to win.

The unions and Democrats were the winners. Buying votes with taxpayer money.
Profile Pic
Yooperheart
Champion Author Michigan

Posts:6,005
Points:980,125
Joined:Feb 2010
Message Posted: Apr 30, 2014 11:23:57 PM

Current administration is costing us more.
Profile Pic
1007
Champion Author Michigan

Posts:1,986
Points:1,399,025
Joined:Jan 2008
Message Posted: Apr 30, 2014 11:22:57 PM

And it is not over
Profile Pic
dfd1983
Champion Author Florida

Posts:1,163
Points:516,735
Joined:Dec 2012
Message Posted: Apr 30, 2014 11:14:33 PM

hmm
Profile Pic
John747
Champion Author Chicago

Posts:511,535
Points:4,076,735
Joined:Aug 2001
Message Posted: Apr 30, 2014 11:01:27 PM

They refuse to admit that the government actually bailed out the UAW - not GM!
Profile Pic
lippoe_sokan
Champion Author Provo

Posts:2,640
Points:627,475
Joined:Nov 2012
Message Posted: Apr 30, 2014 10:57:16 PM

I'm not surprised at all. Not at all.
Profile Pic
Nicoalbum
Champion Author Ottawa

Posts:8,411
Points:1,639,560
Joined:Jan 2010
Message Posted: Apr 30, 2014 10:56:18 PM

This way or another, your money's gone to pay the bonus
Profile Pic
0to60in6
All-Star Author Idaho

Posts:566
Points:658,295
Joined:Jun 2012
Message Posted: Apr 30, 2014 10:51:33 PM

Nobody else could squander that much of our money. Thanks a bunch guys.
Profile Pic
jpgilmor
Champion Author Houston

Posts:4,098
Points:1,040,730
Joined:Feb 2011
Message Posted: Apr 30, 2014 10:46:32 PM

Difficult choice saving the company and jobs or deal with the large fallout.
Post a reply Back to Topics