1. The Regime hyped up the IPO to pay back the 50 BILLION dollar bailout but of course, the UNION made out better with this deal than tax cheat Charles Rangel did crying and blubbering before his fellow criminals in the Congress. Also, note that little or NO private investors bought into this scam so the Gunny guesses that it went to financial institutions, who used stimulus money to buy it, and then shuffled it off to mutual funds, like Fannie and Freddie bought bad mortgages and then sold the worthless junk to fools.
2. The UAW made out nicely while the US taxpayer, got screwed again, with only a 30% gain. WE, the taxpayer, who did not want this bailout in the first place, only got back $13.7 billion out of the 50B we got soaked for. We MIGHT get another $1.8B by December 31, if we're lucky and GM is paying back $9.5B. That STILL leaves us 25B short. Shouldn't the TAXPAYERS have gotten the first bite of the apple until that 50B was repaid? Evidently, not with this Regime.
So Obama fires the CEO, guides GM into bankruptcy court, gets the court to put UAW's interests ahead of everyone else, INCLUDING the old investors in GM (who should have made out better than they did - they got zippo) if normal bankruptcy laws had been followed and the White House "auto task force" did not "hook up" the bankruptcy. Democrats are nothing if not consistent, rewarding their political allies through fancy sleights of hand and scams.
Obama and his UAW pals scammed Americans like Craig Coffey (retiree), who had 55K invested in old GM, never got one thin dime. "We just sat and watched [the stock offering]. We got nothing. Screwed again."
Add one more scam that this Regime is involved in that Congressman Issa seriously needs to look into. It'll take a decade to unravel the financial scammage that Obama and the Goldman/Sachs parasites rife in his regime have done and another decade to bring them to justice, if ever. Government Motors is Obama the Marxist's wet dream. He has successfully engineered a redistribution of wealth from legitimate owners like Mr. Coffey and turned it over to his homeys in the UAW. They call it crony capitalism in the former Soviet Union and Obama learned it well at the feet of Frank Marshall Davis. One more charge to add to his impeachment.
 |
| AIN'T THIS THE TRUTH! |
Boycott for LIFE, any GM/Chrysler and UNION products.
The stockholders really do need to force this issue in the courts...all the way up. Whaddya think Roberts, Alito, Thomas, and Kennedy would say?
ReplyDeleteF the UAW! (This coming from a member of UAW Local 218)
Hell,I said all along this bailout was done STRICTLY for bailing out the damned UAW. There was virtually NO money to fund the VEBA,had GM been allowed to go Chapter 11(which SHOULD have been the case)GM's share would have been tossed out,along with the investors.I still maintain the big investors,such as CalPERS,et al,are going to get a short,sharp uptick to recoup some of their losses from the old GM shares,then dump the shares,once again tanking the stock. The big rage around Detruit this week is the roll-out of the stupid Volt.ALL the asshats will be here for that. Wonder how far under the rug the recalls that will be issued on this pos will be swept under the rug. Stay tuned.
ReplyDeleteThe Crawfish,
ReplyDeleteI agree but I think they're fighting a lot more than regular shysters. There is a lot of money and backing flowing into the UAW on this, probably from Soros.
clyde,
ReplyDeleteI saw that dog and pony show, what a laugh. The Volt is a POS, we know it, they know it, but the libs will buy it! haha
Will anybody mention on-air that the Volt is powered by plugging in to outlets coming from...wait for it...COAL FIRED POWER PLANTS?
ReplyDeleteGovernment Motors.
ReplyDeleteYep
Saw them advertising a car on TV that I figured was the Obamamobile. Electric. Costs more, goes slower and needs charging more frequently than current Japanese models.
Way to go, GM.
Don't make those SUV's.
Don't make any Camaros or Chevelles, Tempests, Silverados or just plain cars and trucks like little ol' Sonomas, S-10's or stuff us folks liked.. just make those green thingys nobody'll buy. Come to think of it my '03 Sonoma... Engine made in Canada. Instruments in Japan or shit, maybe Sri Lanka. I dunno. Drug the ol '87 Ram 150 out and driving it around now. At 13 mpg can't go too far but it gets me to the water hole and back.
and
It's American Made.
The Crawfish,
ReplyDeleteWhy that FACT would take all of the fun out of the snotty libs who buy them. 40 miles on a charge, 350 on gas! HAHAHAHA!
Buck,
ReplyDeleteI'll never change from VW. Got 250K from my last one and it was STILL running strong! Can't beat German engineering and you're right, they don't make them like they used to. I drove an old Ford three-on-the-tree as a kid that had over 300K on it!
clyde,
ReplyDeleteGreat post. The Volt will fail like Obama is failing! haha
Even my canadian,us, mexican mixture Dodge Caravan is better than the Volt.
ReplyDeletePrevious one got 150k on engine (that I knew about) then another 100k on used engine. Probably couldn't do that now after Obama's Ca$h for Tra$h games.
Problem is that most (if not all) American cars are Union made at one point or another. My Mustang had the Union Made sticker on it when I picked it up. I peeled it off straight-away (and then it died by fire. The sticker, not the Mustang).
ReplyDeleteIf I owned Ford I'd move the whole shebang to North Carolina (or any other right-to-work state) and then tell the unions to suck it. But at least they avoided the bail-out, and the salesman I worked with said they had a lot of first-time customers give that as a reason (that was one of my reasons, but not the only one).
My previous car was an 82 Rampage that had almost 400K miles on the clock. I gave it away and the kid is still driving it.