US Treasury loses 10 Billion on General Motors

harleysportster
atheist
harleysportster's picture
Posts: 3360
Joined: 2010-10-17
User is offlineOffline
US Treasury loses 10 Billion on General Motors

http://www.bbc.co.uk/news/business-25309673

US government lost around $10bn on GM bailout

The US government has sold its remaining shares in General Motors, leaving it with a loss of around $10bn (£6bn) on the bailout of the car maker.

The US Treasury spent $49.5bn bailing out GM in 2008 and 2009, and took a 61% stake in the car maker.

Treasury Secretary Jack Lew said the move prevented the collapse of the US auto industry and saved a million jobs.

"With the final sale of GM stock, this important chapter in our nation's history is now closed," he said.

(And now, according to what I saw in another newspaper, GM is setting up shop in Singapore, or at least is opening up the national office there and leaving the set up in Shanghai)

 

“It is proof of a base and low mind for one to wish to think with the masses or majority, merely because the majority is the majority. Truth does not change because it is, or is not, believed by a majority of the people.”
― Giordano Bruno


Beyond Saving
atheist
Beyond Saving's picture
Posts: 5402
Joined: 2007-10-12
User is offlineOffline
Bah, it is only $10 billion.

Bah, it is only $10 billion. Bill Gates could easily pay another $10 million in taxes. It is his fault we are broke. (note the $10 billion number doesn't include losses from interest. Every penny had to be borrowed because we are broke.)

If, if a white man puts his arm around me voluntarily, that's brotherhood. But if you - if you hold a gun on him and make him embrace me and pretend to be friendly or brotherly toward me, then that's not brotherhood, that's hypocrisy.- Malcolm X


zarathustra
atheist
zarathustra's picture
Posts: 1521
Joined: 2006-11-16
User is offlineOffline
They were too big to fail,

They were too big to fail, so thank god the government stepped in.   


digitalbeachbum
atheistRational VIP!
digitalbeachbum's picture
Posts: 4740
Joined: 2007-10-15
User is offlineOffline
Blame who? Bush? Obama?

Blame who? Bush? Obama? Conservative? Liberal?

Would they have survived with out the bailout? Would their have been a huge job loss?

 


Vastet
atheistBloggerHigh Level ModeratorSuperfan
Vastet's picture
Posts: 12896
Joined: 2006-12-25
User is offlineOffline
They should have been left

They should have been left to die.

Proud Canadian, Enlightened Atheist, Gaming God.