Posts Tagged ‘government motors’

How much has the (Union) (Government) General Motors (GM) (Payoff) Bailout Cost US???

December 19, 2012

I need someone to please help me!!!! 

Are reporters and their Media Masters either 1) Completely LAZY OR 2) Completely INCOMPETENT OR 3) Can they possibly be this lacking in MORALS, and EVIL, that they have no problem LYING OUTRIGHT to the American People in order to push an AGENDA??  

I guess I am to much of an optimist and trusting in the good will of others that I seriously have a difficult time believing that the answer is Number 3!!!  I mean, the collaboration, that this requires of everyone involved is amazing.  IF it is true, just imagine what they could do, working together like this, on a worthy goal!!!

Why am I asking a question with only these possible answers, you ask??  The following are articles from this morning:

GM to buy stake from Treasury, government plans full exit” – Fox Business

GM & Feds Announce They’re Breaking Up, Automaker to Buy Back 200M Shares” – The Blaze

GM to Buy Back Stake From Treasury; US to Exit” – CNBC

And there are MANY, MANY more of these articles.  Go ahead and search “GM buys back government shares”, there are already over 500,000 links!!!

“That sounds like a good deal to me”, you say, “I don’t want my government owning one of the largest manufacturers on the planet”.  “So, what’s wrong??”

Here is a line (or variation) that is in ALL of the articles:

“GM received about $50 billion from the U.S. Treasury as part of its 2009 bankruptcy restructuring in 2009 under the Troubled Asset Relief Program (TARP).”

YES, this statement is TRUE!!!  BUT….That is NOT the WHOLE STORY!!!  Here is another line:

“The deal will raise the proceeds Treasury has recovered to $28.6 billion. That leaves $20.9 billion left on the original bailout amount.”

And here is where it gets a little tricky!!!  You see that word, ORIGINAL??  Or that, “GM received about $50 Billion from TARP”??  That is NOT ALL THAT THEY RECEIVED!!!  They ALSO received ZERO TO VERY LOW (below market rates by FACTORS) loans in order to make the first repayments.  And some of those “loans were written off!!!  In other words, the Government gave GM a “loan” so it could repay the payoff “Bailout”, and THEN, the government told GM that they didn’t need to repay the “loan”.  And don’t forget the $45.4 BILLION that WE gave to GM in order to cover future tax payments!!  IF they ever truly make a profit!!!

Also, something that used to be done in business is a calculation concerning time value of money.  To keep this simple, let’s just use $50 BILLION that we gave them.  And let’s assume a 5% yearly return (many treasury bonds pay more than this).  We bailed them out in 2008, it is now the end of 2012, so let’s say 3 years, just to keep it simple.  Year 1 the interest would be $50 Billion * 1.05 =$52.5 Billion.  Year 2 =$55.125 Billion. And year 3 =$57.9 BILLION.  And the interest is not done yet….

So, to sum it all up:  IF the Government sold ALL of it’s shares today the Bailout of Government Union Workers would cost US AT LEAST $55 BILLION, NOT INCLUDING INTEREST!!!  We’ll see what the final cost (IT WILL BE A COST, no amount of “creative accounting” will be able to show this as a “profit”) is in future years.

Which brings me back to my original question:  Are they LAZY, INCOMPETENT, OR EVIL??

How much has the (Union) GM Bailout COST the US Taxpayer??

August 15, 2012

I have written about Government General Motors and the Bailout in the past (all the way back in June of 2011), detailing what the Liar Commander-In-Chief’s Administration has said.  The relevant quote is as follows:

“The Obama administration said Wednesday that the government will lose about $14 billion in taxpayer funds from the bailout of the U.S. auto industry.”

At the time I criticized the analysis.  Needless to say…….I was CORRECT!!!

Here is a recent article from FoxNews, which is titled:

“Taxpayer losses tied to auto bailout rise

Shocked!!!!  I am Shocked I tell you. (sarc off)

So how much do “they” say it is now, you ask??

“And on Friday, the Treasury Department announced that expected losses to taxpayers from the bailout would increase more than $3.3 billion to $25.1 billionup from $21.7 billion last quarter.”

In ONE year the estimate has almost DOUBLED from their initial propaganda estimate!!!  Oh wait….that sounds like the Federal Government.  Have IDIOTS or PROPAGANDISTS make an estimate that is GROSSLY inaccurate in order to start a project and then GOUGE the taxpayers for any “overruns”.  But don’t worry, ObamaCare will ONLY COST $1 TRILLION!!!  Call me skeptical.

AND this number STILL does NOT include the $45.4 BILLION in taxes that have been forgiven in the future!!!  That is….IF they EVER make money again.  And that is a BIG IF!!!

How much did the bailout of Government Motors cost US??

September 23, 2011

Here is an article from MSNBC and one from the Blaze.  Both articles state what The Obama Administration has said, which is:

“The Obama administration said Wednesday that the government will lose about $14 billion in taxpayer funds from the bailout of the U.S. auto industry.”

Before you read any further decide if you agree with this statement or not.  Do you believe them??  Do you think that the bailout of General Government Motors is ONLY going to cost US $14,000,000,000 ($14 BILLION)?

Today, there are more facts coming out about the bailout and the subsequent bankruptcy.  The following are quotes from Redstate and the Wall Street Journal.

“Now it turns out, according to documents filed with federal regulators, the revamping left the car maker with another boost as it prepares to return to the stock market. It won’t have to pay $45.4 billion in taxes on future profits.”

You read that correctly, YOU and I are supplying an addition $45,400,000,000 to Government Motors.  That is an additional $45.4 BILLION.  Because it is not as if there is not enough money for other programs.

Also, The One, the smartest President in the history of the world, President Obama is either ignorant of the situation (I doubt it) or he has outright LIED to the American public………….AGAIN.  He has misstated the COST to the American Public by 75 %!!!  $14 Billion that he says it is going to cost us plus the $45.4 Billion that he has given away in future tax dollars equals $59.4 BILLION.  And that is IF His estimates are correct on the $14 Billion, which is questionable, considering the stock since the IPO has FALLEN and Government Motors can not sell the cars that it has!!

Wow, I never thought I would say this, but I wish he had treated GM just like Solyndra!!  Then it would have only cost us half a Billion dollars.

Where is MY $4,000 bonus???

February 14, 2011

So, General Motors, also known as GM or Government Motors, is going to pay its “workers” a $4,000 bonus

That is great, except that is coming from the United States Government that is projected to have a $1.65 TRILLION deficit this year.  That is $1,650,000,000,000.  You know that we, the American Public, still own (at least 30%), and they still OWE us $27 BILLION!!  This does not include the $17 BILLION that GMAC still owes us, that has been removed from the Government Motors balance sheet through accounting gimmicks, and is likely to grow.

So, to summarize, a company that is owned by you, and still owes you money, is going to take some more of your money and give it to some employees, because they did NOT get a raise this year.  Just so they know, I did NOT get a raise this year either, AND I took a 25% pay cut since The One has taken office.  Where is MY $4,000???

If you are not happy about this fleecing, let your reprentatives know!

This looks like “pork spending” from “pork spending”…

August 5, 2010

Are you kidding me??

When is the American public going to say enough is enough?

Here is the article, from the Washington Post, that details how “Government Motors” is now funding Politicians’ Pet Projects.  It is not as if the Congressional Black Caucus does not have enough corruption perception problems (Rangel and Waters) as detailed here and here.  Why is it that IF the liars thiefs corrupt Politians can not insert their pet projects into a bill that they pass, as an “ear mark”, they think it is better to have another tax payer funded project, do it??  Stop the madness!!!

At least “Government Motors” could pay US back first!!