You the tax payer, you do not matter.
Tag Archives: government motors
Taxpayer takes a $12 billion bath—Treasury to sell off its last 300 million shares of GM
Most likely the Treasury (really you, the taxpayer) will sell at a steep loss unless that new Stingray Vette—which I will admit looks pretty cool—turns the company around. But I don’t know, they’d have to sell a lot of Vettes.
Buy a Camry, not a Malibu : The US Government Shakedown of Possibly the World’s Greatest Car Company, Toyota
Toyota just paid $1.1 billion to settle lawsuits alleging random acceleration problems in its cars. The allegations were, and are essentially false. But, Toyota paid out because it knew it had to, to move on. A giant speeding ticket to the government. (And Toyota wasn’t even speeding.)
The GM Deal Just Keeps Getting Worse for Taxpayers
Yesterday, it was announced that GM will buy back 200 million shares at a nearly 50% discount. (To the level which is “break even” for taxpayers.) That’s right, the taxpayer bailed out the company, or more specifically the United Auto Workers and their over funded pension and health care system, and now the taxpayer is selling (because the government wants to sell the shares) at far below the point at which taxpayers are paid back in full.
GM Begins Buying Back Shares From the Government at Almost 50% Under Break Even for Taxpayers
Dow, GM Get Millions in DOE Grants
They got these grants because the Obama administration wants to see a certain technology developed. This sort of thing is nothing new, but does reflect the culture of government/private “partnership” that runs deep through this administration.
At least they shoveled money to companies unlikely to go belly up anytime soon. Dow is unlikely to because it makes lots of useful chemicals (and weapons). GM is unlikely to because undead companies don’t go belly up. They just suck blood from the economy.
Government Motors Funnels $1 Million to Dem Lobbyists Post Bailout
This is pretty much how it works. “Crony business” makes sure people in government are paid, then the people in government make sure the folks in crony business are paid. It’s a nice little circle that works well for those who are a part of it. For the rest of us it doesn’t work at all.
