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I am confident the Gov't could have exited their ownership phase with no loss to the tax payers if GM had done two things differently after returning to profitability.
1) Pay back the "No Strings Attached" money that GM received. Instead, GM used this money to pay back the loans and claimed they had no obligation to pay back the "No Strings Attached" funds. Legally GM is correct, but ethically and morally they lost irrecoverable public support by this decision.
2) Created a special class of shares for the Gov't owned stock that would have removed all risk of the "haircut" the tax payers received by relying on market valuation of the Common shares. Ford Motor Co (which foresaw the looming financial crisis and prepared themselves for it) has multiple special classes of stock - most of which are owned by the Ford family.
But the thieving jackals now running GM are convinced of their own infailability and believe the public has completely forgotten about the bail-out. How arrogant can a company's leadership be?
_______________________________________
Saabs owned:
2008 9-5 Aero Sedan, sold at 227K miles
2006 9-3SC 2.0T - Wife's daily driver
2000 Viggen Convertible - Sold May, 2022
1964 Quantum IV Formula Car - Retirement project
2000 9-5lpt Sedan, sold at 318K miles
Posts in this Thread:
- US gov sells rest of GM stock $ 10.5B loss, dtechakacheaptech, Mon, 9 Dec 2013 16:57:43
- Low hanging fruit, JMF, Wed, 11 Dec 2013 18:01:34
- CAN I STOP YOU GUYS IF I'VE HEARD THIS BEFORE, No Snaab, Tue, 10 Dec 2013 15:18:13
- In a surprise move to many, GM CEO quits, Bill Homer , Tue, 10 Dec 2013 14:47:54
- $10B to save an industry is chump change, Steve T, Tue, 10 Dec 2013 11:47:36
- Re: $10B to save an industry is chump change, andym, Tue, 10 Dec 2013 18:59:46
- "The ends justify the means", JerseySaab , Tue, 10 Dec 2013 13:14:53
- Re: $10B to save an industry is chump change, dtechakacheaptech, Tue, 10 Dec 2013 12:59:53
- Re: $10B to save an industry is chump change, Snowmobile , Tue, 10 Dec 2013 12:02:22
- GM (like many us corp) has Billions in $$$ - $26.8 B, dtechakacheaptech, Tue, 10 Dec 2013 08:51:16
- Blame GM Leadership, MI-Roger , Tue, 10 Dec 2013 03:25:26 <-- Viewing This Message
- Re: US gov sells rest of GM stock $ 10.5B loss, Cmyles , Mon, 9 Dec 2013 18:24:38
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