US Treasury loses 10 Billion on General Motors
Offline 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
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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
They were too big to fail, so thank god the government stepped in.
Blame who? Bush? Obama? Conservative? Liberal?
Would they have survived with out the bailout? Would their have been a huge job loss?
They should have been left to die.
Enlightened Atheist, Gaming God.