OBAMA GM POLICY COSTS US BILLIONS....

[Whirlaway]

Treasury announces GM exit strategy; automaker buying 200 million shares from U.S.

.

.. taxpayers will almost certainly lose billions of dollars in the $49.5 billion GM bailout. If the government sold the rest of its stock at current prices, taxpayers would lose more than $13 billion.

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2FWC7jfGA

[joe bloe]

The average American voter just thinks Obama saved GM. That's the sum total of their knowledge on the topic. Ignorance is the demagogue's best tool.

[i'va biggen]

How many shares to you guys have?

[CuteOldGuy]

We all have shares, Ekim, thanks to Obama. And we all lose.

[i'va biggen]

good glad you are suffering the loss with me.

[CJ7]

Originally Posted by CuteOldGuy

We all have shares, Ekim, thanks to Obama. And we all lose.

TARP started where again?

[i'va biggen]

SSSSH the banks paid back all that money.Right?

[Whirlaway]

TARP was the Bush plan; and yes the banks paid back the TARP funds, with interest.

The same can't be said for Obama's GM boondoggle.......

[CJ7]

Originally Posted by Whirlaway

TARP was the Bush plan; and yes the banks paid back the TARP funds, with interest.

The same can't be said for Obama's GM boondoggle.......the funds for GM bailout were put in place by Bush in 2008; Obama was the Santa Claus who handed out the GM money with no expectation of it being paid back; his payoff to the unions !

The Bush policy was to let GM go through an orderly bankruptcy proceedings; taxpayers, creditors, and others would have been protected...But Obama had no interest in protecting taxpayer assets........he was only interested in political expediency !

translation


CONGRESS passed out $$$ to the car guys set aside by Bush

[Whirlaway]

Uncle Sam Books 50% Loss As Government Motors Buys Back 200MM Shares From Tim Geithner

http://www.zerohedge.com/news/2012-1...-stake-50-loss

[WTF]

Originally Posted by Whirlaway

TARP was the Bush plan; and yes the banks paid back the TARP funds, with interest.

.......

Really?


http://finance.yahoo.com/blogs/danie...205658852.html


That adds up to a total of $103.3 million.
But sometimes there's less than meets the eye. Generally, banks that repaid CPP funds did so with cash raised from earnings, or by raising new outside capital. In finance and banking you always have to read the fine print. And if you go back to the report, you'll notice that the fine print accompanying the entries for each of the above exits makes reference either to Footnote 49 or Footnote 50. Footnote 49 reads: "Repayment pursuant to Title VII, Section 7001(g) of the American Recovery and Reinvestment Act of 2009 using proceeds received in connection with the institution's participation in the Small Business Lending Fund." Footnote 50 reads: "Repayment pursuant to Title VII, Section 7001(g) of the American Recovery and Reinvestment Act of 2009 — part of the repayment amount obtained from proceeds received in connection with the institution's participation in the Small Business Lending Fund."
All of which is to say that these banks repaid cash owed to a program run by the Treasury Department by. . . borrowing from another program run by the Treasury Department.
The Small Business Lending Fund was created last fall as part of the Small Business Jobs Act, a bipartisan piece of legislation passed last fall. The idea was to make cash available to smallish community banks (those with assets of $10 billion or less), and then give them incentives or rewards for making small-business loans, defined in this fact sheet as "certain loans of up to $10 million to businesses with up to $50 million in annual revenues."

[i'va biggen]

Originally Posted by Whirlaway

TARP was the Bush plan; and yes the banks paid back the TARP funds, with interest.

The same can't be said for Obama's GM boondoggle.......

snock snick