So OBammy gave our hard earned monies away to GM so they could build cars in Mexico and China, who most likely is leveraging ............
Originally Posted by Why_Yes_I_Do
GM had ran out of their own money. The hummers and saturns in their product line did not sell (LOL). That was not their only problem. The financial condition of the company reached a point that they needed to to a chapter 7 or 11.
Without the the 30 billion that Obama and Canada game GM to keep them running while going through the Chapter 11 they would have been forced to liquidate. This would have been much worse for auto industry and the US taxpayer.
The U.S. Treasury sold all of its GM shares in Obama's second Term.
Some highlights from link in post #58.
Received court approval to borrow $33.3 billion from the U.S., Canadian and Ontario governments
The new GM company will launch a new stock IPO in early 2010
U.S. bankruptcy court approves GM's bankruptcy sale, leaving its most profitable assets intact and under government ownership on July 6, 2009
Emerged from bankruptcy protection on July 10, 2009, as a new company, which was majority owned by the U.S. Treasury
On December 10, 2013, the U.S. Treasury sold the last of the 31.1 million shares it owned in GM
The above scenario is/was far better than going through a liquidation. Think about what would have happened to the tire industry, the parts industry with no GM.
The issue that some eccie republicans have is that the american auto workers union got a small equity stake in the NEW GM.
There were some 750 objections. The bankruptcy judge approved the proposal that was submitted by team Obama.
The current CEO of GM is making $20 million per year. Capitalism in the USA is working just fine.
