'Government Motors' is now General Motors again

[kent]

Thank you government - you're SO good at spending other peoples money.  

editorial.autos.msn.com/blogs/post--us-sells-final-gm-stake-loses-dollar105-billion-from-automaker-bailout?icid=autos_5060

Earlier today, the Treasury announced it sold the remaining shares in GM for a total of $9.2 billion.

All told, the Treasury recovered $39 billion of the total $49.5 billion outlaid to GM.

GM has no plans to pay back the $10.5 billion loss, and is under no obligation to do so. Chrysler, which paid back its $5.1 billion U.S. loan in May 2011, lost taxpayers $1.3 billion when the Treasury sold off its remaining share in June 2011. Ford was the only domestic automaker to not request a bailout.

As far as the $1.3 billion Chrysler situation (this is "old" news - June 2013)

www.treasury.gov/press-center/press-releases/Pages/tg1199.aspx

Treasury committed a total of $12.5 billion to Chrysler under TARP’s Automotive Industry Financing Program (AIFP). Following the closing of today’s transaction, Chrysler will have returned more than $11.2 billion of that amount to taxpayers through principal repayments, interest, and cancelled commitments. Treasury is unlikely to fully recover the difference of $1.3 billion. Treasury has the right to recover proceeds from the disposition of the liquidation trust associated with the bankruptcy of Old Chrysler, but does not expect a material recovery from those assets.

[zibazinski]

Sad, isn't it?

[EVT1]

Nope- sad would have been the end of GM.  As it is we have new Camaros and Corvettes   And of course the million jobs saved- but eff them right?

Worth every penny.  And I thank Bush for setting that in motion.  Good job- this one time....

[EVT1]

BTW- we learned a fast lesson in our fleet- the Duramax engine is far superior than the Powerstroke (years 2004+)

Our Chevys are cheaper to operate, have fewer breakdowns, and cost much less to maintain than the Fords- and I am a Ford guy!  So far we are buying these to replace the Fords- has to do with quality.  GM is making quality vehicles.  Boycott at will

[djAdvocate]

Dec 9, 2013 23:33:07 GMT -5 EVT1 said:

Nope- sad would have been the end of GM.  As it is we have new Camaros and Corvettes   And of course the million jobs saved- but eff them right?

Worth every penny.  And I thank Bush for setting that in motion.  Good job- this one time....

i would be interested in knowing what the revenue associated with the taxes that these workers pay is.  i bet it is super high.  like, in the billions of $$ per year- and it is a perpetual income source.....

[workpublic]

good to see EVT is so staunchly pro corporate welfare. what turned you around?




since they're doing so good and will continue in perpetuity lets set up a payment plan for the difference.  they owe the taxpayer

[AgeOfEnlightenmentSCP]

money.cnn.com/2013/12/09/news/companies/gm-bailout-stock-sale/

Thanks for that.

[Deleted]

Sigh, I remember at the time being told that it was a loan, not a gift. Uh huh. I take some solace from the fact that this one dinged the American tax payers, not me.

[jkapp]

Dec 9, 2013 23:33:07 GMT -5 EVT1 said:

Nope- sad would have been the end of GM.  As it is we have new Camaros and Corvettes   And of course the million jobs saved- but eff them right?

Worth every penny.  And I thank Bush for setting that in motion.  Good job- this one time....

Interesting view from someone who is more than willing to toss millions of insurance company employees into the gutter...but I guess they just got it comin'!

[jkapp]

Dec 10, 2013 0:57:51 GMT -5 djAdvocate said:

Dec 9, 2013 23:33:07 GMT -5 EVT1 said:

Nope- sad would have been the end of GM.  As it is we have new Camaros and Corvettes   And of course the million jobs saved- but eff them right?

Worth every penny.  And I thank Bush for setting that in motion.  Good job- this one time....

i would be interested in knowing what the revenue associated with the taxes that these workers pay is.  i bet it is super high.  like, in the billions of $$ per year- and it is a perpetual income source.....

I'd be surprised if it was that high...maybe tens of millions per year, possiby hundreds of millions.  So that means they'll pay back the loss in, say, 40-50 years.  Unless of course they need another bailout before then, which they probably will.

The only thing the democrats saved with this bailout is the union contributions to their campaigns...

[workpublic]

Interesting view from someone who is more than willing to toss millions of insurance company employees into the gutter...but I guess they just got it comin'!

they're not union workers with unsustainable pensions/benefits/pay/low productivity.

[djAdvocate]

Dec 10, 2013 11:44:19 GMT -5 jkapp said:

Dec 10, 2013 0:57:51 GMT -5 djAdvocate said:

i would be interested in knowing what the revenue associated with the taxes that these workers pay is.  i bet it is super high.  like, in the billions of $$ per year- and it is a perpetual income source.....

I'd be surprised if it was that high...maybe tens of millions per year, possiby hundreds of millions.  ..

you might be right.  part of the deal was to cut their salaries in half, so they are no longer making the kind of bucks that put them in the brackets that pay a lot of income taxes. 

edit: i just read a study today about this, and there are estimates that the bailout saved 2M jobs and $40 BILLION in transfer payments (UI) to workers.  if that is accurate, the $10B cost seems like a pretty good investment.