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Just In Case You Didn't Know

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Mike

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GM still owes us (the taxpayer) 27 Billion Dollars. Remember hearing that they had paid their debt in full? :lol:

Did you know that much of the debt was paid with Stimulus money? :lol:

Like Romney says....................."We're Not Stupid".
 

Steve

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part of the debt was paid in stock as well.. and for the taxpayer to recover it would have to

he United States Treasury owns roughly 500 million shares of common stock in General Motors. (Source: U.S. Treasury) The Treasury would need to sell these shares at roughly $53 per share in order to "break even" on the investment

which would equate to in excess of a 15 billion dollar loss if sold today

Today's close $ 22.84

at a $30 a share loss... doesn't seem to big of a number.. until you factor in the fact the US is stuck with 500 million shares.. $15, 000 , 000 , 000 , 000
 

loomixguy

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You forgot the 14.5 BILLION dollars that GMAC (a GM subsidiary) got at the same time, and hasn't paid back.

40 BILLION DOLLARS, urinated away.

Buy a Ford, and give GM (Government Motors) the bird!!!
 

Steve

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GM, on the other hand, still owes more than half the $50 billion in federal funds it received when the combination of the recession and its costly union contracts drove it into bankruptcy. And its lending arm, GMAC (now Ally Financial), still owes $14.5 billion.

What's worse, it's not clear that GM actually repaid what it's gotten credit for repaying. Check out this note buried in the inspector's report: "As part of a credit agreement with Treasury, $16.4 billion in TARP funds were placed in an escrow account that GM could access only with Treasury's permission."

As it turns out, GM got Treasury's OK to "repay" more than $6.7 billion "using a portion of the escrow account that had been funded with TARP funds." So GM is merely paying the government back with government money, not money GM is earning selling cars,

Worse, GM in effect is still borrowing money. Consider this item from the report: "What remained in escrow was released to GM." Bottom line: Taxpayers have not been paid back and are still on the hook as GM continues to require government help. Yet Obama has hailed the GM bailout as the signature achievement of his big government programs.

And the government is directly subsidizing new GM auto lines like the star-crossed Chevy Volt.

The GM story is hardly what we're looking for in terms of a recovery. That Obama is touting it as a top economic achievement speaks volumes about his policies.
 
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