Today, Government Motors will issue an "initial" public offering of taxpayer-owned GM stock. While the taxpayers and shafted secured debt holders of GM paid for GM's bailout, the taxpayers took about a half interest in Government Motors and Obama gave the other half to the UAW, which invested nothing. Obama's justification that the labor of the UAW workers on the line amounts to corporate capital is straight out of Karl Marx's Das Kaptial.
Today's Government Motors stock firesale means that the taxpayers will see a permanent loss of over 9 billion dollars on the GM bailout. Furthermore, it will make the UAW the largest single shareholder and corporate controller of Government Motors.
In their wildest dreams the union thugs in this country would never have imagined that a president would transfer the ownership of GM to the unions, but it has indeed occurred -- and financed by the taxpayers and secured debt holders of GM to boot!
The transfer of taxpayer wealth to unions continues unabated, and more generosity to Government Motors new union owners is forthcoming. Wait until Obama and the Democrats forgive the loans to Government Motors Ed Whiteacre lied about repaying.
Showing posts with label GM. Show all posts
Showing posts with label GM. Show all posts
Thursday, November 18, 2010
Thursday, August 5, 2010
GM Funnels Tax Dollars to Dems
How is GM spending your tax dollars? By funneling $41,000 to liberals, including $36,000 to the Congressional Black Caucus.
The only thing being drained in Washinton DC is the taxpayer.
The only thing being drained in Washinton DC is the taxpayer.
Thursday, July 22, 2010
GM Continues to Rob Taxpayers
GM announced today that it is taking $3,100,000,000.00 of the taxpayer money it has lying around (and lied about repaying "in full") and using this taxpayer money for purchasing a sub-prime lending firm. Recall that GM jettisoned their own dying credit arm GMAC (now the ironically named "Ally" Bank) into the TARP bailout fund.
The Obama Administration has used your hard-earned tax dollars to enrich his union enablers the UAW as surely as if he personally put their hands in your wallet. While GM is still overbloated and losing money, they are spending your tax dollars to take a profitable business down with them.
In what world turned upside down does this make any economic, financial, business, or political sense?
The Obama Administration has used your hard-earned tax dollars to enrich his union enablers the UAW as surely as if he personally put their hands in your wallet. While GM is still overbloated and losing money, they are spending your tax dollars to take a profitable business down with them.
In what world turned upside down does this make any economic, financial, business, or political sense?
Friday, April 23, 2010
Open Letter to Ed Whitacre
Dear Ed,
I've just seen Government Motor's (GM) new television advertisement (bought with taxpayer funds) where you claim "...we have repaid our government loan, in full, with interest..."
This announcement comes after GM paid less than 7 billion dollars to the U.S. Treasury.
Your commercial implies GM only had one loan from the US Government, that it was less than 7 billion dollars, and that you are now free and clear of taxpayer bailout funds. One might even reasonably imply from your commercial that the funds you paid were out of earnings from GM since the loan.
You and I both know that this is not the case at all. The "loan" does not even begin to cover the amount of taxpayer-funded bailout.
Off the top of my head, I can demonstrate that GM received all of the following taxpayer bailout funding for GM's "second chance":
Auto Supplier Support Program: GM received not less than 2.5 Billion dollars of taxpayer money
Automotive Industry Financing Program: GM received not less than 49 Billion dollars of taxpayer money
This does not even include the 13+ Billion dollars of taxpayer money received by GMAC, GM's financing arm.
Let's also be honest about where the "loan repayment" money came from: you have paid off taxpayer loans with other taxpayer "investment" dollars, not earnings from car sales. I can read your SEC filings.
As to your remarks about paying the "loan" back "with interest", after hearing of your statements, even the White House had to issue a statement saying that the taxpayers will almost certainly LOSE MONEY on the GM investments. That is not interest; it's a loss.
I also recall that one of the lynchpin arguments in support of the Automotive Industry Financing Program was that it was necessary to save American jobs. Yet since the socialization of GM, 65,000 jobs were cut by GM. It seems redundant to point out that GM could have accomplished the same thing in bankruptcy restructuring without requiring the taxpayers to foot the bill.
This commercial of yours will go down in history as one of the most disingenuous commercials ever to be aired on American television. I could not even characterize your statements has half truths - the lies by omission in this ad are monumental and inexcusable.
I challenge you, Ed Whitacre, to immediately pull this ad and replace it with an ad that correctly lays out what GM has received from the American taxpayers, what has been returned to the taxpayers due to actual profits generated by GM, and together with the UAW beneficiaries of all this American taxpayer largesse, thank all the taxpayers for the help and beg us to be merciful on your failing, disingenuous welfare case of a corporation.
I've just seen Government Motor's (GM) new television advertisement (bought with taxpayer funds) where you claim "...we have repaid our government loan, in full, with interest..."
This announcement comes after GM paid less than 7 billion dollars to the U.S. Treasury.
Your commercial implies GM only had one loan from the US Government, that it was less than 7 billion dollars, and that you are now free and clear of taxpayer bailout funds. One might even reasonably imply from your commercial that the funds you paid were out of earnings from GM since the loan.
You and I both know that this is not the case at all. The "loan" does not even begin to cover the amount of taxpayer-funded bailout.
Off the top of my head, I can demonstrate that GM received all of the following taxpayer bailout funding for GM's "second chance":
Auto Supplier Support Program: GM received not less than 2.5 Billion dollars of taxpayer money
Automotive Industry Financing Program: GM received not less than 49 Billion dollars of taxpayer money
This does not even include the 13+ Billion dollars of taxpayer money received by GMAC, GM's financing arm.
Let's also be honest about where the "loan repayment" money came from: you have paid off taxpayer loans with other taxpayer "investment" dollars, not earnings from car sales. I can read your SEC filings.
As to your remarks about paying the "loan" back "with interest", after hearing of your statements, even the White House had to issue a statement saying that the taxpayers will almost certainly LOSE MONEY on the GM investments. That is not interest; it's a loss.
I also recall that one of the lynchpin arguments in support of the Automotive Industry Financing Program was that it was necessary to save American jobs. Yet since the socialization of GM, 65,000 jobs were cut by GM. It seems redundant to point out that GM could have accomplished the same thing in bankruptcy restructuring without requiring the taxpayers to foot the bill.
This commercial of yours will go down in history as one of the most disingenuous commercials ever to be aired on American television. I could not even characterize your statements has half truths - the lies by omission in this ad are monumental and inexcusable.
I challenge you, Ed Whitacre, to immediately pull this ad and replace it with an ad that correctly lays out what GM has received from the American taxpayers, what has been returned to the taxpayers due to actual profits generated by GM, and together with the UAW beneficiaries of all this American taxpayer largesse, thank all the taxpayers for the help and beg us to be merciful on your failing, disingenuous welfare case of a corporation.
Monday, February 22, 2010
Toyota vs Government Motors
I warned earlier that it is fundamentally unfair for other car companies to compete against the industry's regulator which is also a manufacturer. Toyota, the most successful car company in the world, is finding this out the hard way.
The US government cannot be both a regulator and a competitor. Certainly the anti-trust laws or RICO laws are being violated by this anti-competitive behavior.
The US government cannot be both a regulator and a competitor. Certainly the anti-trust laws or RICO laws are being violated by this anti-competitive behavior.
Tuesday, June 2, 2009
GM Goes "green"; Hummer Goes Red
Government Motors says that it has found a buyer for our Hummer brand - Sichuan Tengzhong Heavy Industrial Machinery Co. of Red China. The Socialists sell to Communists. Perfect. I suppose the Chinese government can pay for Hummer with some of the soon-to-be-worthless Treasury bills they have.
Now for the really funny part: GM said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.
The spate of Kool-Aid drinking going on with Government Motors is really hitting unbelievable proportions. The Red Chinese are going to ship the production tools and dies over to Sichuan Tengzhong Heavy Industrial Machinery Co. in China and fire all the workers in the U.S. Then, they will make the Hummers out of cheaper materials and sell them to the Asian and Middle Eastern markets.
The Obama Administration believes itself so bullet proof that it won’t even have to spin the loss of these jobs.
Now for the really funny part: GM said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.
The spate of Kool-Aid drinking going on with Government Motors is really hitting unbelievable proportions. The Red Chinese are going to ship the production tools and dies over to Sichuan Tengzhong Heavy Industrial Machinery Co. in China and fire all the workers in the U.S. Then, they will make the Hummers out of cheaper materials and sell them to the Asian and Middle Eastern markets.
The Obama Administration believes itself so bullet proof that it won’t even have to spin the loss of these jobs.
Monday, June 1, 2009
Obama's Socialist Forces March On
Today is Black Monday.
GM today becomes Government/UAW Motors. Obama will NOT be distributing the stock to the taxpayers who now own the majority of the shares of GM. You cannot go down to the local dealership and pick up your car, even though you may own it.
In further news, it appears that my predictions were right, and Citigroup will become government owned as a result of the "stress tests" imposed on banks by a takeover minded government. I'm sure government bureaucrats will apply their nimble and intelligent management to the bank and kill it.
If you have assets managed by Citigroup, bail out now.
If you have a loan or mortgage held by Citigroup, beware the change in your terms -- interest rate increases are on the way. It is easier than raising taxes!
Obama is following the Marxist revolutionary manual to the letter; the methodology he learned from his Marxist father.
Tuesday, March 31, 2009
The Statists' Next Targets
Still in his first 100 days as president, B. Hussein Obama has moved to Socialize first the banks, then the entire financial industry, and now the automobile manufacturers and their warranties. What is next for this Statist agent of “Change”?
My prediction is that Obama will next move to nationalize two items: health care and private pensions. Obama will use the nationalization of the auto industry to do this.
The single biggest reason GM, Chrysler, and Ford are not profitable is the unreasonable employee expenses the manufacturers are saddled with by the United Auto Workers. The two most expensive components of this expense are the long term obligations associated with health care obligations (including for retirees) and their pension plans.
As part of Obama’s effort to make the US autoworkers lead the world in producing “clean cars” instead of cars consumers want to buy (see, for example, the F150), Obama will propose to “relieve” the auto manufacturers of these pension and health care obligations and nationalize the same. This will be the springboard to nationalize health care and pension plans for all citizens.
Hillary Clinton, who has had a weak performance as Secretary of State, will likely be named the first National Health Care Czar, a job she plainly would relish.
The Statists are on the (Long) March. Make no mistake in believing that the Transformative One will settle for nationalizing only the financial and car industries.
My prediction is that Obama will next move to nationalize two items: health care and private pensions. Obama will use the nationalization of the auto industry to do this.
The single biggest reason GM, Chrysler, and Ford are not profitable is the unreasonable employee expenses the manufacturers are saddled with by the United Auto Workers. The two most expensive components of this expense are the long term obligations associated with health care obligations (including for retirees) and their pension plans.
As part of Obama’s effort to make the US autoworkers lead the world in producing “clean cars” instead of cars consumers want to buy (see, for example, the F150), Obama will propose to “relieve” the auto manufacturers of these pension and health care obligations and nationalize the same. This will be the springboard to nationalize health care and pension plans for all citizens.
Hillary Clinton, who has had a weak performance as Secretary of State, will likely be named the first National Health Care Czar, a job she plainly would relish.
The Statists are on the (Long) March. Make no mistake in believing that the Transformative One will settle for nationalizing only the financial and car industries.
Sunday, March 29, 2009
Leninist Action of the Day
Like a Soviet General Secretary of the not-too-distance past, B. Hussein Obama today, without the notice, advice, or consent of the Board of Directors of GM, sacked Rick Wagoner, its CEO. Thus, a street organizer from Chicago who never so much as managed a McDonald’s, centralized the management decisions of the second largest automobile manufacturer in the world.
No mention was made of whether President Obama sacked the head of the United Auto Worker’s Union, the chief cause of GM’s inability to become a profitable company.
GM was foolish to accept loans from the United States Government, and is foolish to ask for more, and for that reason, GM and its entire Board should be sacked. However, the sacking should have been accomplished by the shareholders – ostensibly the owners of the corporation; not by the Statist occupying the White House.
Today, the United States slipped yet closer to economic ruin. The narcissist in the White House views himself as transformative. One cannot transform a country by building on its past. The narcissist must destroy the past and build the nation in his own Leftist image. Free markets, corporate self-governance, inexpensive power and water for all, and the first claim of the benefits of your own labor will all become a thing of the past as long as the narcissist controls the reins of government. God help us all.
No mention was made of whether President Obama sacked the head of the United Auto Worker’s Union, the chief cause of GM’s inability to become a profitable company.
GM was foolish to accept loans from the United States Government, and is foolish to ask for more, and for that reason, GM and its entire Board should be sacked. However, the sacking should have been accomplished by the shareholders – ostensibly the owners of the corporation; not by the Statist occupying the White House.
Today, the United States slipped yet closer to economic ruin. The narcissist in the White House views himself as transformative. One cannot transform a country by building on its past. The narcissist must destroy the past and build the nation in his own Leftist image. Free markets, corporate self-governance, inexpensive power and water for all, and the first claim of the benefits of your own labor will all become a thing of the past as long as the narcissist controls the reins of government. God help us all.
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