Barack Obama: Losing $84 billion big success

  1. #1
    woodsrider's Avatar
    Join Date
    Sep 04
    Posts
    20,521

    Barack Obama: Losing $84 billion big success

    http://www.washingtontimes.com/blog/...n-big-success/

    Some on here have touted that the feds actually made money on the GM bailout. I guess that wasn't exactly true.
    Advertisement

  2. #2

    Join Date
    Aug 08
    Location
    The "859"
    Posts
    3,920

    I'm confused, now the right is going to be critical of tax breaks for a big corporation?

  3. #3

    Join Date
    May 01
    Location
    City of Beautiful Homes
    Posts
    25,560

    Quote Originally Posted by 2 Humped Camel View Post
    I'm confused, now the right is going to be critical of tax breaks for a big corporation?
    Take that part out as I don't think GM actually went through a bankruptcy, did they? What do you think about the balance of the amount and the administrations claims of success?

    I did get a kick out of this blurb under the article.
    "A recession is when your neighbor loses his job. A depression is when you lose your job. A RECOVERY is when Obama loses his job"

  4. #4
    woodsrider's Avatar
    Join Date
    Sep 04
    Posts
    20,521

    Quote Originally Posted by 2 Humped Camel View Post
    I'm confused, now the right is going to be critical of tax breaks for a big corporation?
    So that's all you took from the article?

  5. #5

    Join Date
    Aug 08
    Location
    The "859"
    Posts
    3,920

    It didn't dispute that their was recovery but that it was given back in tax breaks.

  6. #6

    Join Date
    Jul 01
    Location
    Beautiful Lake Cumberland
    Posts
    5,236

    Dem. Charlie Rangel has become very rich writing the tax code laws giving large companies loop holes to avoid paying more in taxes.... Don't blame the companies, blame the tax code laws and their supporters... GE spent millions backing Obama... Guess what. They paid no taxes on 14 billion in profits for 2010..

  7. #7

    Join Date
    Apr 07
    Location
    Bluegrass Region
    Posts
    10,953

    Quote Originally Posted by 2 Humped Camel View Post
    I'm confused, now the right is going to be critical of tax breaks for a big corporation?
    This is not a traditional publicly held corporation anymore.

    It is mostly owned by the US government and UAW now...and Canadian government and large banks and financial institutions. It is not the banner of American capitalism. It is more akin to a Soviet-style centralized control model.

    http://www.nytimes.com/2009/06/02/business/02uaw.html

    "With the union’s health fund set to own 17.5 percent of G.M.’s shares and 55 percent of Chrysler’s, the U.A.W. will both represent workers and be an owner, a novel dual role.

    “We don’t run corporations. We represent people,” said Brian Fredline, president of the local representing 3,000 workers at a G.M. plant in Lansing, Mich.

    Some industry experts predict that the union, far more than before, will help management increase profitability..."


    Guess not...

    The old GM did formally go bankrupt, leaving private investors with nothing. The new GM did an IPO in 2010. The current major owners are here:

    http://moneycentral.msn.com/ownershi...5%25+Ownership

    Top 4 - US Treasury, UAW, The old GM (MLC) and Canadian government (CDI) own over 64%. Institutions own another 29%. So individuals (rich, average or poor) own less than 5%. Shares are about $3 below their IPO value of $34 currently. So since November investors have lost about 10%.

Top