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HomeOff Topics News & Politics › US swallowed $9.7 billion loss on General Motors bailout
10-30-2013 05:24 AM  4 years agoPost 1
dilberteinstein

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texas - USA

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The U.S. government has booked a loss of $9.7 billion on the nearly $50 billion bailout of U.S. automaker General Motors, according to a quarterly report to Congress on Tuesday.

In 2009, the U.S.Treasury extended $49.5 billion in loans to GM in exchange for $2.1 billion in preferred stock and a 60.8 percent equity stake.

Treasury has since whittled down its stake in GM through a series of stock sales. Those sales have all taken place below the price Treasury needed to break even on its GM investment, resulting in the loss, according to Tuesday's report from the Special Inspector General overseeing the $700 billion Troubled Asset Relief Program.

http://www.cnbc.com/id/101153187

Obama continuing his policy of turning everything he touches into garbage.

90% of life is "showing up"

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10-30-2013 06:06 AM  4 years agoPost 2
spaceman spiff

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Tucson

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Ouch.

GM has 68000 employees, just the 9.7 billion loss is equal to 142K per employee.

The total loans made of 50 billion come out to 735K$ per job in loans.

That was a pretty fecking big risk. Could have turned out a whole lot worse, but I have to wonder what would have happened if they just let it go thru the bankruptcy process?

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10-30-2013 06:30 AM  4 years agoPost 3
dilberteinstein

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texas - USA

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spaceman spiff
I have to wonder what would have happened if they just let it go thru the bankruptcy process?
GM has great products and tremendous resources. A complete restructuring using sound business reasoning would have made them a solid company that would have anchored American businesses.

Instead, the company was political abused and the problems that were in GM are still alive today.

GM will have problems down the road because the one chance they have to right the ship was not taken.

90% of life is "showing up"

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10-30-2013 04:08 PM  4 years agoPost 4
GREYEAGLE

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Flat Land's

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Remember The Great Citi Corp Debacle ??? The BAILOUT ??

Fanny and Freddi and The FUN Mortgage Stuff ?? The the Toxic $$$$ or Funny Money

Chief Executive Operating Officer of Citi Corp

Now your Secretary of Treasury REAL

What a Job / What a Job

Listen too the tambourine and watch the other hand

Should of gotten a cash for clunker - We got clunker's

greyeagle

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10-30-2013 06:46 PM  4 years agoPost 5
nitro fun

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Oc ca

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And why did gm and chrysler have a problem to begin with?

It was because, after the home loan fiasco the banks did, that caused the credit boom, and fall.

They stoped giving out car loans.

still empty car lots here!!!

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10-30-2013 06:59 PM  4 years agoPost 6
Dennis (RIP)

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Oregon

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It was because, after the home loan fiasco the banks did, that caused the credit boom, and fall.
Then, why didn't Ford fail as well?

Liberty once lost, is lost forever.

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