Not Logged In Log In   Sign Up   Points Leaders
Follow Us    9:08 AM

GasBuddy News Article

49
votes
Government Motors: GM Stock Hits New Low, Taxpayer Loss Hits $35 Billion

Investors.com -- General Motors (GM) shares closed down 1.5% to 19.02 on Monday, hitting 18.85 intraday. That's the lowest since the U.S. auto giant came public again in November 2010 at 33 a share.

That raises the taxpayer loss on the GM bailout to just shy of $35 billion. Here's the math:

GM doesn't have to pay back anything else, but taxpayers are still out $26.4 billion in direct aid. The Treasury still owns 26.5% of GM — 500 million shares. The stock would have to rise to about 53 to break-even on that direct aid. At the current price, the Treasury's stake is worth just $9.51 billion. (Taxpayers lose $5 million for each penny that GM stock falls).

That would leave taxpayers out $16.9 billion. But the true cost is much higher.

President Obama let GM keep $45 billion worth in past losses...


Read the Full Article

Submitted Jul 25, 2012 By: Packrsbeatdabrs
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Government Motors: GM Stock Hits New Low, Taxpayer Loss Hits $35 Billion Back to Topics
REPLIES (newest first) Post a Reply
Profile Pic
RONALD777
Champion Author Houston

Posts:90,507
Points:862,530
Joined:Nov 2007
Message Posted: Jul 27, 2012 4:43:05 PM

Thank you Obama.
Profile Pic
markbaily
Champion Author Vancouver

Posts:3,781
Points:808,160
Joined:Mar 2012
Message Posted: Jul 27, 2012 11:39:41 AM

Typical US government. You guys should all come live in Canada.
Profile Pic
gas_too_high
Champion Author Columbus

Posts:14,453
Points:2,419,240
Joined:Aug 2005
Message Posted: Jul 26, 2012 8:00:25 AM

Had GM been allowed to go into Chapter 7 bankruptcy, most of its plants would have been bought up by other makers, who would have reemployed most of its workers.

But the expensive UAW contracts would have been nullified. Even if the plants recertified with the UAW, negotiations would have started from scratch.

The Obama bailout of GM (and Chrysler) was really a gift to the UAW, and an unfair one. Besides letting them keep some portion of their lavish contracts, other creditors, like bondholders, were stiffed.

GTH
Profile Pic
rahcat
Champion Author Grand Rapids

Posts:5,000
Points:1,161,750
Joined:Jan 2010
Message Posted: Jul 26, 2012 12:05:38 AM

Bailouts don't work. Should have let them go belly up. Thanks Mr. President. Maybe it's time for you to into forced retirement.
Profile Pic
nru
Champion Author Twin Cities

Posts:5,284
Points:1,480,025
Joined:Feb 2006
Message Posted: Jul 26, 2012 12:04:03 AM

So let's just let the auto industry go the way of the dinosaurs and buy everything from CHINA - they could supply us with cars cheaper, and then after that we could buy our military hardware from them for cheap too - what a great country. Pocketbook, party, country - oh wait, that's not my oath - something about God, corps, country.... oh well, let's go to Wal Mart for some more Chinese stuff - cheaper than American - commies are great!!!
Profile Pic
Dodge_Me
Champion Author Atlanta

Posts:2,222
Points:932,940
Joined:Mar 2006
Message Posted: Jul 26, 2012 12:02:41 AM

Thats not good, the volt did it. :-)
Profile Pic
umitb
Champion Author Indianapolis

Posts:5,620
Points:1,251,300
Joined:Apr 2010
Message Posted: Jul 25, 2012 11:59:20 PM

ok
Profile Pic
ty58
Veteran Author Akron

Posts:432
Points:867,965
Joined:Jun 2011
Message Posted: Jul 25, 2012 11:58:58 PM

it'll go back up
Profile Pic
srchr
Champion Author San Jose

Posts:9,520
Points:2,103,715
Joined:Apr 2008
Message Posted: Jul 25, 2012 11:57:19 PM

pure politix - courting the union vote
Profile Pic
aggietim
Champion Author Fort Worth

Posts:2,281
Points:1,063,285
Joined:Oct 2008
Message Posted: Jul 25, 2012 11:55:31 PM

not good
Profile Pic
Shakleelady31
All-Star Author Fort Wayne

Posts:660
Points:794,635
Joined:Jan 2012
Message Posted: Jul 25, 2012 11:55:07 PM

Interesting.
Profile Pic
TFowler513
Champion Author Memphis

Posts:3,824
Points:1,848,785
Joined:Mar 2008
Message Posted: Jul 25, 2012 11:50:44 PM

More money down the tubes!!!
Profile Pic
GAS1251
Champion Author Texas

Posts:7,467
Points:2,124,865
Joined:Jun 2008
Message Posted: Jul 25, 2012 11:45:17 PM

Lopks like Government motors is still a loser.
Profile Pic
jessek
Champion Author Detroit

Posts:2,657
Points:1,280,490
Joined:Sep 2008
Message Posted: Jul 25, 2012 11:42:53 PM

We knew that
Profile Pic
jlisk1970_us
Champion Author St. Louis

Posts:1,163
Points:308,765
Joined:Feb 2012
Message Posted: Jul 25, 2012 11:41:29 PM

Check out the dealerships. They won't sell the vehicles unless they are going to get plenty for it.
Profile Pic
DrLyon
Champion Author Michigan

Posts:8,434
Points:1,676,340
Joined:May 2006
Message Posted: Jul 25, 2012 11:36:41 PM

What's up....
GM is building better cars...
Come on stock market...
Profile Pic
TxPDawg
Champion Author Austin

Posts:1,347
Points:793,370
Joined:Mar 2011
Message Posted: Jul 25, 2012 11:34:25 PM

9.51 Billion dollars, that's billion with a B.. Now that's a lot of money. Send me some!!
Profile Pic
Jeeputtputt
Champion Author Ohio

Posts:3,022
Points:689,965
Joined:Aug 2009
Message Posted: Jul 25, 2012 11:32:39 PM

control freak vehicles = junk & high costs!!
Profile Pic
Beaveronparade
Champion Author Hartford

Posts:3,327
Points:1,107,465
Joined:Mar 2011
Message Posted: Jul 25, 2012 11:31:46 PM

That's why so many people say, "No bailouts"!
Profile Pic
saleboss
Champion Author Phoenix

Posts:4,071
Points:1,202,515
Joined:Feb 2006
Message Posted: Jul 25, 2012 11:27:47 PM

I think we should let them go under for good this time!
Profile Pic
Jeannemarie
Champion Author Las Vegas

Posts:30,962
Points:2,344,890
Joined:Aug 2005
Message Posted: Jul 25, 2012 11:26:35 PM

I really think they had no intention of paying anything back, just to keep their fat checks coming in.
Profile Pic
Vette1967
Champion Author Albany

Posts:8,274
Points:1,774,670
Joined:Jun 2009
Message Posted: Jul 25, 2012 11:26:08 PM

Where did all that money go??
Profile Pic
bigdipperMS
Champion Author Mississippi

Posts:2,479
Points:925,185
Joined:Apr 2011
Message Posted: Jul 25, 2012 11:25:12 PM

Another wonderful deal struck by Obomanation. Fire him in November!!!
Profile Pic
mstearno
Champion Author Dayton

Posts:9,428
Points:2,141,510
Joined:Jan 2008
Message Posted: Jul 25, 2012 11:24:52 PM

very good
the original stock holders were run over by OBAMA
the new one deserve the same
Profile Pic
WIPACKERFAN
Champion Author Chicago

Posts:11,104
Points:2,339,480
Joined:Aug 2005
Message Posted: Jul 25, 2012 11:21:15 PM

Not good.
Profile Pic
abcdMA
Champion Author Worcester

Posts:10,192
Points:2,062,440
Joined:Nov 2008
Message Posted: Jul 25, 2012 11:18:21 PM

and based on the "approved" account methods that are now employed at GM, exect a cash flow crisis and another bankruptcy filing in the relatively near future.
Profile Pic
Tekkersmom57
Champion Author Syracuse

Posts:4,157
Points:1,191,080
Joined:May 2010
Message Posted: Jul 25, 2012 11:17:27 PM

I don't understand how the CEOs and Executives at GM can possibly continue to receive the exorbitant amount of bonuses they had in the past. It just doesn't seem right that we, the American people bail them out and then pat them on the back and say....good job, here's a bonus!
Profile Pic
SparkieMi
Champion Author Kalamazoo

Posts:5,437
Points:1,066,475
Joined:Sep 2011
Message Posted: Jul 25, 2012 11:15:42 PM

Great post by mcmonsta!!!!!
Profile Pic
BoerneWatch
Champion Author San Antonio

Posts:17,965
Points:2,952,740
Joined:Oct 2005
Message Posted: Jul 25, 2012 11:14:39 PM

Hold on there cowboys.

Our President is touting how good a job he did investing our money in GM.

The president of GM came on TV to tell us that they were now profitable.

So how could the loss now hit $35,000,000,000.00?
Profile Pic
petrpuck
All-Star Author Hamilton

Posts:672
Points:632,020
Joined:Nov 2011
Message Posted: Jul 25, 2012 11:13:14 PM

oh oh
Profile Pic
Bonito
Champion Author Dayton

Posts:18,097
Points:3,442,590
Joined:Jun 2004
Message Posted: Jul 25, 2012 11:13:07 PM

Though this was political! I get enough of this crap on TV!
Profile Pic
naiiawah
Champion Author Boise

Posts:4,446
Points:1,169,130
Joined:Mar 2011
Message Posted: Jul 25, 2012 11:12:24 PM

Doh!
Profile Pic
DEG
Champion Author Las Vegas

Posts:19,842
Points:3,974,730
Joined:Jul 2003
Message Posted: Jul 25, 2012 11:11:51 PM

Obama touts the bailout of GM; yet we taxpayers are continuing to pay for this poor decision.
Profile Pic
itsjustme719
Champion Author Hamilton

Posts:2,256
Points:1,045,510
Joined:Dec 2010
Message Posted: Jul 25, 2012 11:08:25 PM

Time to fire some of the upper management!
Profile Pic
mcmonsta
Champion Author Honolulu

Posts:5,321
Points:1,305,115
Joined:Sep 2009
Message Posted: Jul 25, 2012 11:06:27 PM

make their executives pay it back with their cars houses investments...aren't they the ones who got GM there in the first place..or is there no blame any more!!!
Profile Pic
Palantas
All-Star Author Indianapolis

Posts:829
Points:527,400
Joined:Sep 2011
Message Posted: Jul 25, 2012 11:06:23 PM

Too bad. Seems they're making decent cars these days.
Profile Pic
Cuzilla
Champion Author Indianapolis

Posts:14,076
Points:2,746,200
Joined:Sep 2005
Message Posted: Jul 25, 2012 11:04:07 PM

I hope they collapse and take the UAW with them!
Profile Pic
Bildawg
Champion Author Ohio

Posts:1,324
Points:879,755
Joined:Oct 2011
Message Posted: Jul 25, 2012 11:02:58 PM

blaa blaa
Profile Pic
serrog
Champion Author Nova Scotia

Posts:7,876
Points:2,009,710
Joined:Oct 2008
Message Posted: Jul 25, 2012 11:02:40 PM

Still make a good car
Profile Pic
letmathe
Champion Author Chicago

Posts:16,312
Points:3,589,880
Joined:May 2001
Message Posted: Jul 25, 2012 11:02:35 PM

Focus2 ... thanks for the clarification.
Profile Pic
Focus2
Champion Author Illinois

Posts:8,144
Points:2,069,835
Joined:Mar 2006
Message Posted: Jul 25, 2012 11:00:15 PM

Bonanza said, Ford is the only American auto maker that did not take taxpayer money

That is not true, as they also accepted a government loan.
Profile Pic
GassyKat
Champion Author Wisconsin

Posts:10,087
Points:2,074,855
Joined:Sep 2005
Message Posted: Jul 25, 2012 10:58:49 PM

sigh
Profile Pic
carloco75
Champion Author Richmond

Posts:6,020
Points:1,085,820
Joined:Oct 2010
Message Posted: Jul 25, 2012 10:58:06 PM

Ouch...
Profile Pic
iceman11
Champion Author Ontario

Posts:2,715
Points:536,425
Joined:Feb 2011
Message Posted: Jul 25, 2012 10:56:36 PM

Crazy
Profile Pic
cokezero
All-Star Author Philadelphia

Posts:830
Points:401,635
Joined:May 2009
Message Posted: Jul 25, 2012 10:55:53 PM

ok
Profile Pic
KhelbenArunson
Champion Author Michigan

Posts:6,748
Points:1,208,130
Joined:Apr 2008
Message Posted: Jul 25, 2012 10:54:23 PM

Hmmm
Profile Pic
mitchell6597
Champion Author New Hampshire

Posts:3,462
Points:728,360
Joined:Apr 2010
Message Posted: Jul 25, 2012 10:54:03 PM

Um, I bought a Toyota.....
Profile Pic
seeyardee
Champion Author Sacramento

Posts:10,992
Points:2,287,590
Joined:Apr 2008
Message Posted: Jul 25, 2012 10:53:03 PM

Don't feel bad for the stock market investors. They've been making money for years. And what's $35 billion? One day of war?
Profile Pic
CapNC
Champion Author North Carolina

Posts:1,733
Points:783,630
Joined:Jul 2011
Message Posted: Jul 25, 2012 10:52:18 PM

If I buy a new car it will be a Ford, took it like a man - didn't bend over for the nut in washington
Profile Pic
aalix
Champion Author Orange County

Posts:25,415
Points:4,598,725
Joined:Aug 2001
Message Posted: Jul 25, 2012 10:50:23 PM

GM still a drain to taxpayers.
Post a reply Back to Topics