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GM to buy back stake from Treasury; government may lose billions. The sale will mean “Treasury has recovered to $28.6 billion of the $50 billion bailout GM received. With $20.9 billion left from the original bailout, the government would have to sell its remaining shares at an average price of $69.72 to break even.” Buy high, sell low: hand out billions in OPM to your cronies and win re-election. What’s not to like?

Contributed on December 20, 2012 by Bonfire of the Absurdities, who has submitted 2890 posts.

{ 15 comments… read them below or add one }

danybhoy December 20, 2012 at 12:06 pm

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The UAW was what got the bailout, not GM. But GM still has the same old problems that led to their troubles, piss poor managemnet, legacy costs that have crippled them, less then excelent cars, & being forced into producing car like the Volt, which nobody really wants. They will be in dire straights in short order after they are “gov’t free”, & my guess is that if it happens, Obama will have to bail them out…again.

flashingscotsman December 21, 2012 at 10:48 am

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I just recently read that they were suspending production of their hybrid pickup trucks due to low demand. I guess there WAS low demand, I didn’t even know they were making the POS.

PsychoDad December 20, 2012 at 12:19 pm

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Well, that’s something. I thought we figured it was ALL gone.

Navyvet2 December 20, 2012 at 1:49 pm

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Another story the “low information” read “stupid” lemmings will never hear about, and if they do, they wont pay attention to it.

Progressive Hemrrhoid December 20, 2012 at 2:10 pm

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So how much is the next bailout of the UAW going to cost the taxpayers? Since “Der Leader” is doubling down on stupid, expect it to cost 3 times as much.

jcrowley1985 December 20, 2012 at 2:17 pm

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Hidden due to low comment rating. Click here to see.

Kip Hooker December 20, 2012 at 3:23 pm

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@John

But your the one that demands a command/control economy. You’re the one on this board that has called for regulations, called for government to stop jobs from going overseas, called for a minimum wage. This is the inevitable result of a system that survives by promising to provide for looters like you by taking from the contributors.

BTW . . . Ron Paul is tired of supporting you.

http://www.ihatethemedia.com/we-are-already-over-the-cliff-were-just-wondering-how-were-going-to-land

CO2Insanity December 20, 2012 at 4:10 pm

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What would he do? Have a temper-tantrum until he got his way? You’re laughable.

jcrowley1985 December 20, 2012 at 4:19 pm

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Hidden due to low comment rating. Click here to see.

CO2Insanity December 20, 2012 at 4:21 pm

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You keep blaming Romney and the RNC. If Paul is so hot he should have been able to overcome your perceived problem and got to speak. You need to realize he’s not all that, never was, never will be.

flashingscotsman December 21, 2012 at 10:49 am

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Careful, he’ll throw a Cheeto at you.

poppajoe49 December 20, 2012 at 10:46 pm

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Ron Paul voted for it in the first place!

BTW . . . Ron Paul thinks you’re a stupid fucking asshole.

Missile Command December 20, 2012 at 3:59 pm

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I predict there will be no further bailout of GM. They will flounder of course as Chairman O has set them up for failure. However, to prevent a collapse during the reign of Obama, which would disrupt the party “narrative”, enough cash will be funneled to them to let them fail after he leaves office.

poppajoe49 December 20, 2012 at 10:44 pm

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So, who thought it is a good idea to allow GM to buy back the stock at less than we paid for it?

Oh, right, Obamanomics!

flashingscotsman December 21, 2012 at 10:50 am

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Maybe it’s a good idea to sell it now, before it tanks further. Cut your losses?

I’m pretty sure the company didn’t miraculously become well managed after we bought half of it.