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Thread: I gotta have this wrong
11-19-2010, 04:10 PM #1
I gotta have this wrong
We all know about GM and what we did to help bail them out. I guess uncle sam found some money, printed some money, took our tax money, or vouched for GM to let them reorganize. At least thats what we hear on all the news channels. That we the American tax payer, helped bail them out. FYI, My old GM stock is worthless.
So GM with a new plan, dug in, did what they to do to be profitable and found a way out from underneath that heavy bow tie and all the money woes they created for themselves now has an initial stock offering. (initial public offering....did you say public)
That sounds great!, but wait, I can't log onto my TD account and buy any. What? The only people who can purchase the stock are dealers, past employees and current employee's.....oh, I forgot the big brokerage houses who intern will sell it to us or keep all the fat money for themselves. Brokerage houses = wall street. Did we not bail them out also? So if I understand this correctly, we the people who bailed everyone out the latest financial disaster is last on the list to buy any of the product we helped create?
Say it ain't so.Always here
11-19-2010, 05:12 PM #2
Yup and the O-idiot POTUS claims "WE" will make our money back. They sold roughtly half the shares at $33, which means to break even "in Theory" they have to sell the rest at an average price of $53 a share. They failed to mention that not included in this break even analysis is that they are going to let GM pay no taxes of the first $52 Billion (yes Billion) in profit. Besides screwing over the old share holders, they have played a little trick on us. Normally when a company files for a major reorg they lose all tax losses from the past - but secretly the government has allowed New GM to keep all these losses that old GM had, so it will off-set the first $52 billion in profits. Sounds like another $20 billion or so taxpayer subsidy to them.
11-19-2010, 07:00 PM #3Professional Member
- Join Date
- Feb 2004
- New Mexico
I don't care if you gambled and lost. We still have Corvettes. And a million less unemployed.
Don't call a loan a bailout. Get a little patriotism. It was good for all of us.
Dubya did it first. No?Tracers work both ways.
11-19-2010, 07:26 PM #4
They should just be honest, and not try to claim it won't cost anything - cause that is pure BS. Further the way it was done violates the law, but the Supreme court declined to hear the case. They wiped out bond holders and gave the unions ownership - bancrupcy law does not allow that. The whole thing was a politically corrupt action.
11-19-2010, 07:32 PM #5
The thing I don't get is after so many people lost so much money on GM stock and supposedly safe bonds, why is there so many fools I mean people rushing in to buy it again????
Its not easy for the average man to win.
11-19-2010, 07:33 PM #6
They are hoping those first in line will look like they got winner and will make money off the stock. They needed a rush to show confidence in the stock. Now when the values goes up and the rest of us get in line to get our share of a good thing they will make their money back.
Timed before your next election?
11-19-2010, 07:38 PM #7
I'm not a big fan of Corvettes. (ZR1 seems though, but I liked my Supra). But I do like GM and would like to be able to buy some stock....yesterday.Always here
11-20-2010, 09:49 PM #8
11-21-2010, 09:45 AM #9
11-21-2010, 05:21 PM #10Regular Guest
- Join Date
- Aug 2010
Anyone wanna help bail me out? Thought not. Our government caused it then used our money to fix it but wait, no prices have gone back down. So that means we are still paying for it right? Now there is record forclosers, homeless,unemployment, and bankruptsy. When do they help us? Don't forget that Obama wants to get rid of Bush's tax cuts to help the middle class, which we are all in. Patriotism? This is the best country in the world. But for how much longer with the current track we are on? After all nothing has really changed, big business just got more money and we got less. Remember we are all at the bottom of the hill and we all know what that means.
11-21-2010, 05:34 PM #11Regular Memeber
- Join Date
- Jul 2010
11-21-2010, 05:49 PM #12
besides nostalgia I have never gotten the love with Corvettes. The new ones are Rubbermaid along with 75% of all US cars..designed to be disposable. Until they are able to compete on the world market with Bavarian built autos i dont have a love of them.
11-21-2010, 06:43 PM #13