General Motors Ranked 5th on Forbes 500... Thank you Obama, or we should have let them go under?
Met
2012/05/07 17:13:46
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I'm not a big fan of GM. I hate Chevy, and can't stand Cadillacs, but their turnaround has been nothing short of Miraculous, given how close they were to going under just 3 years ago.
After Obama Approved a capitalist loan to bail out the troubled American Auto Manufacturer, GM is not only repaying the loan with interest, but kicking ass as a corporation again, getting honored by making the 5 spot on the Forbes 500.
Thank you Obama, or just jobs we should have let go?
After Obama Approved a capitalist loan to bail out the troubled American Auto Manufacturer, GM is not only repaying the loan with interest, but kicking ass as a corporation again, getting honored by making the 5 spot on the Forbes 500.
Thank you Obama, or just jobs we should have let go?
Top Opinion
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Keeping It Real 2012/05/07 17:44:54Good job Obama, you got one right!
+18The president got more then one right and if it wasn't for his leadership our economy would have fallen off the cliff to say the least!
Here is the current truth:
McAlinden notes, the administration gave GM about $10 billion more than was strictly necessary to finance its bankruptcy. The money contributed to GM’s nice $33 billion cash cushion right now. GM could use this money to buy its own stock and bid up prices, mitigating taxpayer losses -- or pay dividends. But McAlinden doesn’t believe that’s what GM will do.
Stability is bull, GM is canceling pensions and going to 401K's; sound familiar... that's a Conservative idea... wow.
GM is loosing money outside the USA and still has serious problems, they are cutting bonuses and employees.
Maybe You should read this, there's more to it:
http://online.wsj.com/article...
So how much did the auto bailout cost? It's hard to say. The White House estimate is $14 billion, the CBO estimates $20 billion.
Chrysler got over $10 billion in taxpayer assistance, was taken over by Fiat, who somehow then got a $3.5 billion loan from the U.S. Department of Energy. The Obama administration gave GM $60 billion in taxpayer cash -- $10 billion in a loan and $50 billion as an equity stake (at a highly inflated value) -- plus another $15 billion in tax benefits. GM has since paid back the $10 billion loan. Hurray. For taxpayers to be made whole on their equity investment, the price of GM stock will need to double.
http://spectator.org/archives...
So how much did the auto bailout cost? It's hard to say. The White House estimate is $14 billion, the CBO estimates $20 billion.
If it had to be done it should have all been a loan, not an equity interest where the government is gambling with taxpayer money.
The $20billion in losses is the auto bailout only, not counting the other bailout and green energy company failures.
"replyCharge 1 day ago (edited) We should have let these Americans lose their jobs, then blamed Obama.
Ya, great job, the American taxpayer has lost over $21Billion dollars bailing out GM. The Unions got the money and the stock holders and bond holders got hosed. GM went thru chapter 11 reorganization which they didn't need tax money to do.... just more waste as most of Obama's "investments" have failed.
P.S. GM is NOT repaying the loan and there has been NO interest paid....
You however are being disingenuous trying to make it look like I said, "We should have let these Americans lose their jobs, then blamed Obama.", I never said that, they are YOUR words and misleading at best.
The remaining debt from GM is NOT a loan and NO interest is being charged, it's an equity position, that is why there is a loss.
My point was to simply point out that the auto bailouts are only the tip of the iceberg for taxpayer losses.
Saving GM and other companies from going under saved countless jobs, not only for GM, but all the companies that supply them.
Near my hometown, Kia has a factory making their Optimas and Sorentos, they employ over 5k at the factory, and hundreds more at the private distributors that exist solely to service the factory.
Now multiply that times the number of factories GM has around the country...
If we would have lost GM, it would have been disastrous for the entire country.
liquidation (Chapter 7) was never likely.
5th you say? wow. i wonder how many businesses would boom if you took away all their long term debt?
this idea that they would have gone out of business and put millions out of work is a democrat fairy tale.
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Lillian Vernon
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Mattress Discounters[45]
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Mervyns[58]
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Morgan UK[65]
Motorworld[66]
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The Officers Club[67][68]
Olan Mills[69]
Opes Prime
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Rosebys
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Value City
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...
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Allco Finance Group
Aloha Airlines
Amtrak Express Parcels
Apex Aircraft
ATA Airlines
Australian School of Business and Technology[56]
Bennigan's
Bill Heard Enterprises
Buffets, Inc.
Circuit City Stores[note 20][57][58]
Coast Air
Commander Communications
Countrywide Financial
Dawahares
Dolcis Shoes
eos Airlines
FreshXpress
Frontier Airlines
Gamley's
Glitnir[note 21]
Gretna F.C.
Halifax Town A.F.C.
Harold's
Holley Performance Products[59]
IndyMac Bank
iQon Technologies
Kaupthing Bank[note 22]
Kaupthing Singer & Friedlander[note 23]
Krispy Kreme Hong Kong[60]
Landsbanki[note 24]
Lehman Brothers[note 25]
Lenox
Levitz Furniture[61]
Lillian Vernon
Linens 'n Things[62]
Luton Town F.C.
Madoff Investment Securities
Mattress Discounters[45]
Meguro Sushi[63]
Mervyns[58]
MFI Group
Montres Villemont[64][note 26]
Morgan UK[65]
Motorworld[66]
Nationwide Airlines
Oasis Hong Kong Airlines
The Officers Club[67][68]
Olan Mills[69]
Opes Prime
Peau Vavaʻu
Photo-Optix[70][note 27]
Pilgrim's Pride
RC Developments[71]
Rosebys
Rotherham United F.C.
Sanlu Group
The Sharper Image[72]
Shoe Pavilion[73]
Silver State Helicopters
Silverjet
Skybus Airlines
Super Aguri F1[74]
Tai Lin Radio Service[75]
Tribune Company
Tropicana Entertainment
Tuctuc Ltd[76]
Tweeter[77]
U-Right[78][note 28]
USC[79]
Value City
VeraSun Energy
Vivitar
Wachovia
Washington Mutual
WCI Communities
Wickes Furniture
Wilsons Leather
WiQuest Communications
Woolworths Group
XL Airways UK
Yamato Life
Zavvi[80]
Ziff Davis
Zoom Airlines
[edit]2009
3D Realms
A1 Grand Prix Operations[81]
AbitibiBowater
Allied Carpets
Apex Silver Mines
Arcandor
Babcock & Brown
Bashas'
BearingPoint
Berkhamsted Town F.C.
Boater's World
Borders UK
Central Park Media
Charter Communications
Christian Lacroix[82]
CIT Group
Colonial Bancgroup
Crabtree & Evelyn
Darlington F.C.
Denver Newspaper Agency
Empire Direct
Extended Stay Hotels
Escada
Fisher Athletic F.C.
First Quench Retailing
Fleetwood Enterprises
FlyLal
Fortunoff
Goody's Family Clothing
Gottschalks
Hartmarx
Idearc
G.I. Joe's
Journal Register Company
Karmann[83]
KB Toys
Land of Leather[84]
LDV Group
FK Lyn
LyondellBasell
Magna Entertainment Corp.
Märklin
Merisant
Midway Games
Monaco Coach Corporation
Nortel
Peanut Corporation of America
Philadelphia Media Holdings[85]
Qimonda
Reader's Digest Association
R. H. Donnelley
Ritz Camera Centers
SeeqPod
Send the Light
SETA Corporation
Setanta Sports
SFCG Co.
Silicon Graphics
Smurfit-Stone Container
Spansion
Spectrum Brands
SPV GmbH
SsangYong Motor Company [note 29][86]
Stanford Financial Group
Station Casinos
Steve & Barry's
Strathfield[87]
Stylo
Sun-Times Media Group
Taylor, Bean & Whitaker
Tronox
Trump Entertainment Resorts
Viyella
Waterford Wedgwood[88]
Young Broadcasting
[edit]2010–present
[edit]2010
Adams Childrenwear
Air America Radio
Bidtopia
Blockbuster Inc.
Canwest
HFC Haarlem
Hollywood Video
Pontin's
[edit]2011
4Kids Entertainment
AJWright
Borders Group
Focus DIY
Habitat
Hawkin's Bazaar
HomeForm Group
Oddbins
Syms Corporation
Ultimate Electronics
News of the World
[edit]2012
SeaFrance
Malév Hungarian Airlines
Rangers F.C.
The Congressional Oversight Panel released a study of the TARP bailout of the auto industry today, and the good news is it could have been a whole lot worse for John Q. Taxpayer:
From the report’s executive summary:
As of September 2009, the Congressional Budget Office (CBO) estimated that taxpayers would lose $40 billion on their automotive investments. Today, CBO has reduced its loss estimate to $19 billion, and the three largest recipients of automotive bailout funds — General Motors (GM), Chrysler, and GMAC/Ally Financial — all appear to be on the path to financial stability.
"it would never have happened. the only thing was that we threw $50B at them, for them to limp on another 6 months before they declared Chapter 11 bankruptcy."
I'm not in the mood for stupid trolls.
you're trying to rationalize what turns out to be unnecessary (at least to that scale) gov't intervention. and failing.
what about the $50B that GM got in long term federal tax breaks, too?
i'm wondering where the 'lie' is too.
and i'm simply astounded that all their long term debt was discharged and they are now doing well. heaven begorrah! /s off
GM still canned a lot of people. The whole saturn plant, Hummer plant, Janesville plant and soooo much more. Go to Auction web sites and see the 100's of factories they closed which still laid off 1000s of people. Oh and GM is still majority owned by Obama.
funny how that never gets bought up.
Factories employ many thousands, plus the distributor companies that exist solely to service the factory they're near.
Dealerships go out of business all the time, they're like privately owned restaurants, only the best make it past their first year.
It also probably never gets brought up because those of us with a functioning brain realize that not saving GM would have put ALL the dealerships out of business.
GM was never going to go out of business. it was a hysterical over reaction to a crappy situation.
the problem with closing 'those dealerships that only employed 100 or less' was that the Gov't demanded that 1/3 of the least productive be closed. for no other reason than they thought it would be a good idea. then wiped those people out.
thanks Gov't!