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No more Government Motors GM sells stock, losing taxpayers money...You Surprised?

 
ChvyV8Bldr
Detroit Broke City

User ID: 30345025
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12/19/2012 03:31 PM

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No more Government Motors GM sells stock, losing taxpayers money...You Surprised?
No more Government Motors: US selling GM shares
The U.S. government's foray into the car business is slowly coming to an end.

The Treasury Department said Wednesday that it will sell its remaining stake in General Motors in the next year or so, winding down a $50 billion bailout that saved the iconic American car giant but also set off a heated debate about government intervention in private business that even influenced this year's presidential election.

Taxpayers will lose money on the deal, but it gets the government out of the car business. GM has done well over the past three years, piling up $16 billion in profits as car sales bounced back. Now it looks forward to losing the stigma of government ownership -- including the derisive moniker "Government Motors" -- that it claims cost it sales since it left bankruptcy protection in 2009.

As part of a deal announced Wednesday, GM will spend $5.5 billion to buy back 200 million shares from the Treasury from now through the end of the year. That will leave the government with 300 million shares, or a 19 percent stake, which it plans to sell during the next 12 to 15 months.

[link to www.clickondetroit.com]
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ChvyV8Bldr (OP)
Detroit Broke City

User ID: 30345025
United States
12/19/2012 03:32 PM

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Re: No more Government Motors GM sells stock, losing taxpayers money...You Surprised?
No more Government Motors: US selling GM shares
The U.S. government's foray into the car business is slowly coming to an end.

The Treasury Department said Wednesday that it will sell its remaining stake in General Motors in the next year or so, winding down a $50 billion bailout that saved the iconic American car giant but also set off a heated debate about government intervention in private business that even influenced this year's presidential election.

Taxpayers will lose money on the deal, but it gets the government out of the car business. GM has done well over the past three years, piling up $16 billion in profits as car sales bounced back. Now it looks forward to losing the stigma of government ownership -- including the derisive moniker "Government Motors" -- that it claims cost it sales since it left bankruptcy protection in 2009.

As part of a deal announced Wednesday, GM will spend $5.5 billion to buy back 200 million shares from the Treasury from now through the end of the year. That will leave the government with 300 million shares, or a 19 percent stake, which it plans to sell during the next 12 to 15 months.

[link to www.clickondetroit.com]
 Quoting: ChvyV8Bldr


Where did GM get 5.5B in disposable income?
Will we even know we were alive when we're dead?
ChvyV8Bldr (OP)
Detroit Broke City

User ID: 30365710
United States
12/19/2012 08:49 PM

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Re: No more Government Motors GM sells stock, losing taxpayers money...You Surprised?
No more Government Motors: US selling GM shares
The U.S. government's foray into the car business is slowly coming to an end.

The Treasury Department said Wednesday that it will sell its remaining stake in General Motors in the next year or so, winding down a $50 billion bailout that saved the iconic American car giant but also set off a heated debate about government intervention in private business that even influenced this year's presidential election.

Taxpayers will lose money on the deal, but it gets the government out of the car business. GM has done well over the past three years, piling up $16 billion in profits as car sales bounced back. Now it looks forward to losing the stigma of government ownership -- including the derisive moniker "Government Motors" -- that it claims cost it sales since it left bankruptcy protection in 2009.

As part of a deal announced Wednesday, GM will spend $5.5 billion to buy back 200 million shares from the Treasury from now through the end of the year. That will leave the government with 300 million shares, or a 19 percent stake, which it plans to sell during the next 12 to 15 months.

[link to www.clickondetroit.com]
 Quoting: ChvyV8Bldr


Where did GM get 5.5B in disposable income?
 Quoting: ChvyV8Bldr


I also posted this way earlier.
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Anonymous Coward
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12/19/2012 08:53 PM
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Re: No more Government Motors GM sells stock, losing taxpayers money...You Surprised?
I feel a real sense of relief that the government didn't try to keep GM.
ChvyV8Bldr (OP)
Detroit Broke City

User ID: 30365710
United States
12/19/2012 09:13 PM

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Re: No more Government Motors GM sells stock, losing taxpayers money...You Surprised?
I feel a real sense of relief that the government didn't try to keep GM.
 Quoting: Anonymous Coward 14408911


Me too. My own mother, who was ALWAYS against foreign vehicles said never would she buy GM again, so I aske if she bought a Ford...I bout fell over when she told me she bought a FUCKING TOYOTA!!!

I am also sorry to see the public take a loss, but we always lose to our government anyhow, this is a win for us however. They had no business in there to begin with.
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Anonymous Coward
User ID: 1152779
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12/19/2012 09:19 PM
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Re: No more Government Motors GM sells stock, losing taxpayers money...You Surprised?
Crock of shit!

....in the next year or so.....

Still government motors, and Obama will never let go of it.

This story is to mislead you into thinking GM is getting away from the government.

When GM get free of the government then it will be a big story, until then its more propaganda.

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