Sarah Palin for President (190)

Actractorguy: But it wasn't good for the taxpayers. If the taxpayers are gonna bail out a company then just like the company make it for profit. Don't just pass the wealth from taxpayer to the company then say it was a good deal. Business does not work that way.
Just like Nancy Pelosi said. We will find out what is in it after we get it signed. Do you sign contracts before reading them. I bet not. Neither shoud laws be writen without understanding them.

I'm all for one thing get our troops out of that festering hole. If we don't then we will have troops there for eternity. The war machine is nothing but a front for big business. It is designed to pass money from the taxpayers to the private corp.
Yes and no regrets of passing a pig in lipstick is why people hate him and the dems. "Look we can and did" has turned into more corp profit but there is still no universal healthcare until 2014 by law. The reason is when it goes nuclear they can say not our problem talk to the current administration. It's now forced labor no need for unions now. You get your benefits directly from the government by way of law.

emmaline: it all depends on what media you listen too.
Since GM emerged from bankruptcy in July 2009, taxpayers will have soon received a total of 23.1 billion from GM through stock sales, repayments, interest, and dividends. As a result of the recent stock sale, GM's remaining debt from the $49.5 billion in TARP funds it received in the bailout will be reduced to $26.1 billion, the Treasury Department said.

President Obama called the GM stock sale a "big step" in turning the auto industry bailout a success story. "General Motors re-launched itself as a public company, cutting the government's stake in the company by nearly half," Said Obama in a statement. "What's more, American taxpayers are now positioned to recover more than my administration invested in GM."
just like the patriot act, to name one example. governments have been getting bills signed without knowing the full content of what is in them. not that it makes it ok, but it is no precedent with the health care bill for doing so




Obama sold GM stock shares too cheaply to recoup Taxpayer's $50 Billion bailout...



Watchdog: US Sold GM Shares Too Cheaply to Recoup Total $50 Billion Bailout
Thursday, 13 Jan 2011 07:09 AM
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By selling a block of its shares in General Motors Co. for $33 each a price far below the "break-even" point the government sharply reduced the chances of taxpayers fully recovering their $50 billion investment in the auto giant, a new report from a congressional watchdog says.

The Treasury Department did gain a "major recovery" of taxpayer aid, $13.5 billion, by selling a chunk of its GM stock in November, the Congressional Oversight Panel said in a report issued Thursday. And the $85 billion bailout of GM, Chrysler and auto lender GMAC now known as Ally Financial seems to have put them "on the path to financial stability," the report said.

But the companies still face uncertain futures, taxpayers remain at risk and there are concerns about the government's openness in the unprecedented rescue program, the report said.

Without the rescue from the Bush and Obama administrations starting in December 2008, GM, Chrysler and GMAC would have faced the financial abyss, the report said. Their failure would have been crushing blow on the economy.

The Obama administration has said the rescue was needed to prevent the loss of at least a million jobs and economic devastation in the industrial Midwest. Administration officials have said they never expected to recoup the full investment.

An earlier estimate by the Congressional Budget Office that taxpayers would lose $40 billion on the auto industry rescue has been slashed to $19 billion, the oversight panel noted.

GM was pushed into bankruptcy protection by the Obama administration. It emerged in 2009 with a balance sheet cleansed of its staggering debt. The company has made an impressive turnaround from losing billions before its restructuring to posting $4.2 billion in profits in the first nine months of last year.

Still, the report said, by selling 45 percent of its GM shares for $33 each in the automaker's $15.8 billion initial public offering in November, Treasury "locked in" a loss of billions of dollars and diminished the likelihood of full repayment to taxpayers. The "break-even" price needed for that is $44.59 a share, according to the report.




corporations and financial institutions hold this country, and its administration hostage. now what are WE going to do about it?

we vote with our wallets in this sense