We no longer own GM...

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We no longer own GM...

Postby charlie beard » Tue Dec 10, 2013 7:32 am

Pssst! The taxpayers lost 10.5 billion dollars.
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Re: We no longer own GM...

Postby aunt betty » Tue Dec 10, 2013 8:37 am

But we need GM to make the next presidential limo...lol.
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Re: We no longer own GM...

Postby ScaupHunter » Tue Dec 10, 2013 3:19 pm

This is not news. We all knew we were getting screwed so they would not have to file bankruptcy.
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Re: We no longer own GM...

Postby SpinnerMan » Tue Dec 10, 2013 4:05 pm

ScaupHunter wrote:This is not news. We all knew we were getting screwed so they would not have to file bankruptcy.

:fingerpt:

They went bankrupt, but the "right" people owned too much of the bankrupt company and the "wrong" people held too much of the debt that would get the scraps that were left.

http://www.huffingtonpost.com/2009/06/01/gm-bankruptcy-begins-ny-d_n_209605.html
General Motors entered Chapter 11 bankruptcy protection Monday with a near-complete plan to quickly emerge and potentially become profitable again, having already nailed down deals with its union and bondholders and arranged to sell off brands and most of its Opel operations in Europe.


As it reorganizes, the fallen icon of American industry will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That's on top of about $20 billion in taxpayer money GM already has received in the form of low-interest loans.

Late Monday, U.S. Judge Robert Gerber gave interim approval for the Detroit-based automaker's use of a total of $33.3 billion in government bankruptcy financing, with $15 billion available for use over the next three weeks. He will rule on final approval of the financing on June 25.


The entire purpose of the government backing was to make sure the "right" people didn't lose their bad investments and the "wrong" people didn't get what they were owed if the normal process was followed.

It was purely a wealth redistribution scheme. They still went bankrupt and were reorganized, but it was not the law that decided how this was done, but the politicians. It was just one of the many forms of crony capitalism where the government decides who profits and who fails.
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Re: We no longer own GM...

Postby charlie beard » Tue Dec 10, 2013 4:11 pm

ScaupHunter wrote:This is not news. We all knew we were getting screwed so they would not have to file bankruptcy.



I would bet they will be right back where they were at in 3-5 years.
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Re: We no longer own GM...

Postby ScaupHunter » Tue Dec 10, 2013 5:24 pm

SpinnerMan wrote:
ScaupHunter wrote:This is not news. We all knew we were getting screwed so they would not have to file bankruptcy.

:fingerpt:

They went bankrupt, but the "right" people owned too much of the bankrupt company and the "wrong" people held too much of the debt that would get the scraps that were left.

http://www.huffingtonpost.com/2009/06/01/gm-bankruptcy-begins-ny-d_n_209605.html
General Motors entered Chapter 11 bankruptcy protection Monday with a near-complete plan to quickly emerge and potentially become profitable again, having already nailed down deals with its union and bondholders and arranged to sell off brands and most of its Opel operations in Europe.


As it reorganizes, the fallen icon of American industry will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That's on top of about $20 billion in taxpayer money GM already has received in the form of low-interest loans.

Late Monday, U.S. Judge Robert Gerber gave interim approval for the Detroit-based automaker's use of a total of $33.3 billion in government bankruptcy financing, with $15 billion available for use over the next three weeks. He will rule on final approval of the financing on June 25.


The entire purpose of the government backing was to make sure the "right" people didn't lose their bad investments and the "wrong" people didn't get what they were owed if the normal process was followed.

It was purely a wealth redistribution scheme. They still went bankrupt and were reorganized, but it was not the law that decided how this was done, but the politicians. It was just one of the many forms of crony capitalism where the government decides who profits and who fails.


:fingerpt: Your own reference says they didn't really go bankrupt. When the government interferes and routes money to it's cronies and screws the people who should have gotten the money, that is not bankruptcy.
Last edited by ScaupHunter on Wed Dec 11, 2013 10:09 am, edited 1 time in total.
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Re: We no longer own GM...

Postby Andy W » Wed Dec 11, 2013 5:27 am

charlie beard wrote:
I would bet they will be right back where they were at in 3-5 years.

No, they're moving to China:

http://www.freep.com/article/20130420/BUSINESS01/304200090/
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