Originally Posted By: OneEyeJack
When GM did their government engineered IPO they sold about 8 billion dollars of stock at $37 something a share. They needed about $70 a share to break even so they really took a big loss. The UAW did a bit better with the shares that Obama gave them as a zero cost gift. The UAW netted about nine billion dollars. The only thing protected by the bail out was the UAW. Now the UAW has no incentive to make things better because when the next failure comes they will make another windfall profit, again. This whole process is a demonstration of the hold the UAW has on politicians and the lengths they to which they will go to advance their cause.
LOL...Not even close.
"Through debt repayment, interest income and GM's initial public stock offering last year, taxpayers got back $23.1 billion of nearly $49.5 billion the government put into the nation's largest automaker. The Treasury Department still holds 500 million shares of GM, about 33% of the automaker's stock worth about $19 billion at GM's current share price."
Soooo, if facts concern you at all, then you will see.
After the sale of the remaining 500 million shares, the federal government will lose roughly 7 billion, at todays stock price.
Now, I could go into a discussion about VEBA, the PBGC and the costs that the feds have avoided, how the feds have actually saved money. But somehow I get the feeling there is no point in relaying facts anymore. People just want to believe what they want to believe, facts be [censored]!