General Motors Still Owes $ 40 Billion - Thanks OBAMA!

The U.S. Department of the Treasury today announced that it has accepted an offer by General Motors (GM) to repurchase its $2.1 billion of Series A preferred stock issued under the Trouble Asset Relief Program, conditioned on the closing of the proposed initial public offering of GM’s common stock. With this repurchase, taxpayers will have received a total of $9.5 billion from GM through repayments, interest, and dividends, since the company emerged from bankruptcy in July 2009.

Buy Back Will Reduce Treasury’s Pre IPO Interest In GM To 60.8%

GM still owes $ 40 billion.

http://newsroom-magazine.com/2010/busin ... -at-25-50/

The automaker outlined a series of other actions today that include a new round of contributions to U.S. pension plans and repayment of $2.8 billion outstanding on a note provided to the UAW Retiree Medical Benefits Trust.

HINT: Gotta pay those Pensions on Government borrowed money. Obamacare takes away the responsibility of UAW Retiree Medical Benefits Trust to provide benefits. So what happens to the money in the trust?

Read more: http://www.autonews.com/apps/pbcs.dll/a ... z13h88IYAM

Thanks are definitly deserved.....if GM hadn't been given the loans they may well have failed and there would be millions more people out of work....oh, wait, maybe that is what the conservatives wanted, a higher unemployment rate so they could blame Obama when he didn't bail the car companies out. Yep.......the conservatives seem to want to do anything they can to make sure this economy fails, no matter who gets hurt in the process. And they complain about anything that may have helped the economy stabalize........sure is going to be interesting to see what gems a Republican House comes up with....or will they continue to sabotage this nation to get back at Obama?

Archer,

Why did only union businesses, union government employees and governments get bailed out?

So it would be OK with you if only union members lost jobs.....there's that bias again. the banks weren't union were they? The financial houses.....were they all union? Wall Street.....now theres a big union shop.....NOT.

nice try though RT.

archer wrote: So it would be OK with you if only union members lost jobs.....there's that bias again. the banks weren't union were they? The financial houses.....were they all union? Wall Street.....now theres a big union shop.....NOT.

nice try though RT.

Interesting that you bring up the banks.....can you identify which banks that went under - were Obama or Democrat supporters?

the unions owe obama big time, so he is paying them back for all the votes they gave him, archer is just fine with that, right archer?

outdoor338 wrote: the unions owe obama big time, so he is paying them back for all the votes they gave him, archer is just fine with that, right archer?

I'm sure all those bankers and wall street types are just lining up to vote democrat....yep, sure they are. I'm fine with saving as many jobs as possible when the economy is on the skids (thanks to the previous administration and decades of both parties ignoring the handwriting on the wall.....)

It will be a pleasant day Nov 3rd, when the country cleans house of you libs, you can all go back under the rock in which you were hiding! Happy days are here to come, let's take out the trash and vote the lib's out :thumbsup:

archer wrote: Thanks are definitly deserved.....if GM hadn't been given the loans they may well have failed and there would be millions more people out of work....oh, wait, maybe that is what the conservatives wanted, a higher unemployment rate so they could blame Obama when he didn't bail the car companies out. Yep.......the conservatives seem to want to do anything they can to make sure this economy fails, no matter who gets hurt in the process. And they complain about anything that may have helped the economy stabalize........sure is going to be interesting to see what gems a Republican House comes up with....or will they continue to sabotage this nation to get back at Obama?

There would have been massive short term unemployment in the Rust Belt if we had let GM fail, but I could see another car maker stepping up to buy some of those plants and re-hire the workers at a more competitive rate, maybe even non-union.
And even if that didn't happen, the non-union car makers in the South would have expanded to take up the loss in production.