New GM ad: Hey, thanks for that taxpayer bailout, America
posted at 11:30 am on November 26, 2010 by Allahpundit
If they’re willing to sink to this level of manipulative schmaltz now, I can’t wait to see what the thank-you ads will look like after their next bailout in a few years. A newborn foal struggling to walk for the first time? A kitten trying to climb a tree, falling adorably on its bottom the first few tries before scrambling triumphantly up to a limb? In fact, they could go ahead and make another thank-you spot right away: On top of the bailout funds, they’re getting a gigantic tax break due to TARP rules that will let them carry forward losses notwithstanding their recent change in ownership. For that ad, how about a cello sonata and footage of a cuddly baby piglet with its nose buried in the trough?
The occasion for this spot is last week’s IPO, which wasn’t quite the Popeye-eating-spinach moment as this vid might lead you to believe. For one thing, they’re still not remotely close to paying back all the money they owe: According to ProPublica, GM itself is still on the hook for close to $30 billion while GMAC owes close to $15 billion more on top of that. Mickey Kaus, meanwhile, offers upwards of a dozen reasons to believe, per the boxing analogy in the clip and despite The One’s insistence, that GM hasn’t yet gotten up off the mat and might not be getting up anytime soon. And not surprisingly, thanks to Obama’s largesse towards the UAW in brokering the initial bailout deal, it turns out that the union ended up being the big winner from the IPO, recouping $3.4 billion from share sales and positioning itself to break even if GM shares rise modestly. By comparison, share prices would have to soar for the feds to get back to zero, and as for longstanding GM investors, well…
Perhaps the biggest losers are the investors in the old GM. None of the bankrupt company’s previous stockholders got any money, while the claims of thousands of investors who purchased the company’s bonds are still being kicked around in a Manhattan bankruptcy court.
“It gives outraged flashbacks to the old GM bondholders,” who remain mired in the bankruptcy proceedings and are unlikely to recover more than 30 percent of their investments, Mr. Reynolds said…
Craig Coffey, a retiree in Nevada who invested $55,000 in bonds in the old GM that are now worthless, was outraged that the union is on its way to recovering all its money before investors get even a cent of compensation.
“We just sat and watched [the stock offering]. We got nothing,” he said. “Screwed again.”
Lighten up, pal. You did get something. You got a bailout ad with clips from “Animal House” in it.
Blowback
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What,no puppies and kitties? schmucks…
surrounded on November 26, 2010 at 11:33 AM
I was hoping for a burly, macho here, maybe Will Smith playing Obama armed to the teeth, racing up to save the day in a Volt.
Canadian Infidel on November 26, 2010 at 11:35 AM
Someone’s been watching Animal Planet.
conservative pilgrim on November 26, 2010 at 11:35 AM
Revolting.
BJ* on November 26, 2010 at 11:36 AM
hero
Canadian Infidel on November 26, 2010 at 11:36 AM
We all fall down; difference is we all don’t get $80 billion tax payer dollars to get ourselves back up again.
So, you know….Cee Lo Brown has a song for you.
lorien1973 on November 26, 2010 at 11:37 AM
The premise of the ad is pathetic. Please, please take more of our money and use it however you deem fit.
About the ad….the vignette choices are interesting. They selected a diverse representation from the older generations, aka as the ones who “helped them back up.” Clever. But the bailout premise still sucks.
conservative pilgrim on November 26, 2010 at 11:38 AM
I will never ever buy a GM car again in my life.
next
unseen on November 26, 2010 at 11:39 AM
They still are Government Motors: 33%, still owned by Obama.
Dandapani on November 26, 2010 at 11:40 AM
..thanking us for
lendinggiving them our money by spending our money thanking us....just checking.
They shoulda used this scene from Animal House instead:
http://www.youtube.com/watch?v=zOXtWxhlsUg
The War Planner on November 26, 2010 at 11:41 AM
I bought my first Camry in 1987 and never looked back. I am firmly committed to Toyota.
OmahaConservative on November 26, 2010 at 11:42 AM
Hum…wonder if they feel da same for the people that fell behind on their car payments.
Wooooooooo Hoooooooooo
roflmao
donabernathy on November 26, 2010 at 11:43 AM
Thank us? Like we were given a choice.
Buy Ford.
publiuspen on November 26, 2010 at 11:45 AM
I bought my first Camry in 1987 and never looked back. I am firmly committed to Toyota.
OmahaConservative on November 26, 2010 at 11:42 AM
never owned a foriegn car myself but my next one will be either a ford or a forgien car. No GM and No chrysler. i do not help those that can not help themselves. the UAW’s businness plan failed. I will not help subsidize failure.
unseen on November 26, 2010 at 11:46 AM
oh that’s rich…. muggers now sending thank you notes to their victims.
Where’s Ms. Manners when ya need her.
roflmao
donabernathy on November 26, 2010 at 11:47 AM
GM, Chevrolet especially, used to have some of the greatest car ads. This is pretty sad. Even Bob Lutz can’t help these idiots now.
Meanwhile, Ford is kicking butt.
gary4205 on November 26, 2010 at 11:47 AM
From someone in the car business for over 30 years, who’s wholesaled thousands of excess production vehicles to dealers with enough inventory already on their lots, that Chevy Volt is a turd of epic proportions. Watch for lots of fleet sales, subsidized indirectly by the taxpayers, since the Volt price, even with tax credits, is about $15K too high. Rational consumers aren’t going to step up and buy. I predict GM share price in the low to mid-20s within six months.
PatMac on November 26, 2010 at 11:47 AM
Something to consider here: Animal House is a National Lampoon creation. It appears that GM has just lampooned us.
mizflame98 on November 26, 2010 at 11:48 AM
Ditto!
edgehead on November 26, 2010 at 11:48 AM
“Thanks for that money the IRS took from you at the threat of imprisonment,” -GM.
Akzed on November 26, 2010 at 11:49 AM
Jeez, ad’s enough to make used car salesmen look honest.
chickasaw42 on November 26, 2010 at 11:49 AM
It’s always nice to be thanked by the guy who just mugged you.
“Hey thanks man, I really needed this money.”
Mojave Mark on November 26, 2010 at 11:51 AM
“Was the rape good for you too?” GM
the_nile on November 26, 2010 at 11:52 AM
right in line with the MSNBC
lean forwardbend over adsroflmao
donabernathy on November 26, 2010 at 11:54 AM
But thats different!!11!!
the_nile on November 26, 2010 at 11:54 AM
I heard from a Canadian friend that it is airing there, too. ‘Can’t imagine why.
BTW, she found it really offensive… and her tax dollars weren’t used to bail out GM!
Y-not on November 26, 2010 at 11:55 AM
The only good thing about the VOLT fiasco is that we’ll all be able to avoid IRS visits by simply making sure we live at least 21 miles from the nearest IRS office.
/sarc>
landlines on November 26, 2010 at 11:55 AM
It might have been worth it if the UAW had to pay some kind of price for destroying the company. Instead they were rewarded.
Out of control unions are a major problem.
I will never buy a GM or Chrysler product again.
The Rock on November 26, 2010 at 11:56 AM
whoever thought up this ad campaign needs ot be fired. the bailout as far as GM is concerned should be hushed up and never mentioned again. It does nothing to remain people of it. stupid.
unseen on November 26, 2010 at 11:58 AM
Non-UAW is my rough rule, and it’s not being anti-American. You can buy a Toyota, Mercedes, BMW…many are made in the US.
alflauren on November 26, 2010 at 12:00 PM
GM can take every lousy car they make and drive it over a cliff for all I care! Preferabbly with a union official at the wheel of each car!
pilamaye on November 26, 2010 at 12:00 PM
I’ve decided to look into Toyota next time. Whoever has a non union plant in GA or TN, I have to look into it some more.
For the record;
1976 Plymouth Volare (heh) – 1978 Buick Skylark – 1986 Olds Cutlass Supreme – 1984 F150 – 1994 Taurus & the F150 – 1997 Contour & the F150 – same 1984 F150 – 2004 Taurus – ???.
Won’t even do Ford anymore (unless I can get my hands on some cash and a 68 Mustang).
reaganaut on November 26, 2010 at 12:02 PM
Yep…. the jails are full of people that “fell down”
roflmao
donabernathy on November 26, 2010 at 12:03 PM
Lighten up Francis. Any commerical that uses Bluto Blutarsky clips can’t be all bad.
ephfan on November 26, 2010 at 12:04 PM
I would like the court to reconsider my conviction for falling down.
Sincerely,
Bernie Madoff
roflmao
donabernathy on November 26, 2010 at 12:06 PM
I think even children learn you should say “thank you” for what you’ve already received before you expect (or ask for) something new.
GM is just greasing the skids for additional taxpayer dollars. Soon, the government will soon buy all the Volts GM can produce with your dollars.
“Thank you, America.”
dtestard on November 26, 2010 at 12:07 PM
Many moons ago my first dealership job was at a Mercedes-Benz/Datsun dealership. After a few years I took over in management at a Datsun only dealership. Just like Toyota, their reputation is quite inflated. We had a jam packed service department every single day, booked a week or more in advance.
My favorite defect were the 5-speed transmissions. 5th and reverse where on a countershaft. The nut that held the gear cluster together would come loose, usually after the 12 month 12,000 mile warranty had expired, and the thing would basically explode! You were lucky if you got away with just having to replace the entire gear assembly on the countershaft, along with synchronizers, and all of the rest. This was done part by part. High dollar, even back in the 80s.
Datsun never made good on any of them, even though it was almost 100 percent chance it would happen at least once. We rebuilt the tranny in my truck 4 times before I got rid of it. It was an obvious defect, and no amount of “field ingenuity” could make it stop. And we tried everything, including spot welding the nut in place!
Worked for a long time with Chrysler. Other than the A604 automatics, which were computer operated, and had the propensity to go into “limp mode” (even when brand new) they were pretty decent. Chrysler jumped through hoops for customers too. In fact, they had one of the most liberal customer service unit. They would just buy real problem cars back.
The Dodge trucks and Jeeps are almost indestructible. Our biggest issue was people buying the 3/4 ton and 1 ton trucks and trying to use them like 18 wheelers!
That Cummins diesel is simply incredible, and Dodge has solid running gear and chassis. The problem is you had a truck designed to tow 15,000 pounds max (GVW) and folks would tow 35-40,000 pounds, and then wonder why they went through a set of brake pads every month, or why the transmissions blew up!
We had one automatic build up so much pressure it shot the dipstick into the hood!!!!!
I still like Dodge, but were I buying something new, I’d be inclined to look at Ford first. They are doing a LOT right.
Even their hybrids make more sense than most.
gary4205 on November 26, 2010 at 12:09 PM
Shouldn’t the Ad say “Thanks for the money, suckers”?
VBMax on November 26, 2010 at 12:10 PM
Lets hope that this courtesy sentiment is contagious.
It would be nice to hear ” If you wish to remain alive I would suggest you hand over all you money… please” as opposed to “give it up mutha F#cker for I bust a cap in ya ugly ass.”
roflmao
donabernathy on November 26, 2010 at 12:11 PM
Grrrrrr…
Why didn’t they use Chumbawumba’s Tubthumping:
We’ll be singing
When we’re winning we’ll be singing
I get knocked down
But I get up again
You’re never going to keep me down
Pissing the night away
Pissing the night away
He drinks a whisky drink
He drinks a vodka drink
He drinks a lager drink
He drinks a cider drink
He sings the songs that remind him
Of the good times
He sings the songs that remind him
Of the better times
Fallon on November 26, 2010 at 12:12 PM
I have never bought a GM vehicle, and I won’t start now. This gives even more incentive not to.
Obama’s hand are not only dirty on this issue, but they reek of the smell that comes from it. 2012 can’t come soon enough.
capejasmine on November 26, 2010 at 12:12 PM
You can get off the mat and still lose the fight; those are two-point rounds, you know?
Next year’s ad will be a big apology to those stuck with the Volt coupled with an explanation why it’s good for America that the Camaro was once again discontinued, this time due to EPA regulations.
BKeyser on November 26, 2010 at 12:14 PM
Almost every major “foreign car” manufacturer has plants in the US now. Most in the South, most non-union. You have a great rule.
One of the things we need to start hammering our conresscrtters about is a national “right to work” law. It wold kill the unions off in a heartbeat. Many Southern states have these (which is why so many foreign cars are built in the South.)
gary4205 on November 26, 2010 at 12:16 PM
Hey, GM, You’re entirely un F’n welcome.
Stephen Macklin on November 26, 2010 at 12:16 PM
Unfortunately, this clip is a reminder that Bluto Blutarsky is now running Congress (at least until January)…just like in the ‘Animal House’ movie.
Not funny. This “ad” does not excuse the blatant theft from GM stockholders, bondholders, and taxpayers: it rubs our nose in it. Not buying GM anything.
landlines on November 26, 2010 at 12:16 PM
I blame Bush for this. He said he was going to give up capitalism to save capitalism. This is why we have bankruptcy courts. The secured debtors and then the investors would have been taken care of in a legal and sensible manner. The UAW?!?!? They are the ones who should have taken it on the chops. They and weak management is what brought GM and Chrysler to bankruptcy.
My next truck will be a Tundra.
Mirimichi on November 26, 2010 at 12:18 PM
Wait a minute — whatever equivalent they made up to a bankruptcy estate still exists? But the new funds from the “I”PO aren’t going into it?
What the Hell is going on here? People whine about how “incompetant” this crew is, but that couldn’t possibly matter less.
These people are literally making up new laws as they go. This is bad. This is very, very bad.
logis on November 26, 2010 at 12:21 PM
One thing both GM and Ford have gotten good with is direct injection. Basically making a gasoline engine work like a diesel. They are very efficient and have horsepower out the ying-yang.
The new base Corvette can get 30 MPG and still hail ass. The Camaro does better. Mustang can get 33 MPG with it’s 304 V-6.
What we are going to see in more V-6s and more turbo and twin turbo 4 cylinder engines. General Motors has committed to the IRL (Indy Cars) for 2012. Right now the sanctioning body is a spec engine deal with all Honda engines. That will change in 2012.
GM will use this to develop more efficient engines, and fine tune direct injection even more.
Like everyone else I’m PO’ed about the bailout, but at least we have someone there who is going the right direction in technology.
gary4205 on November 26, 2010 at 12:26 PM
We’re living in a dictatorship right now. Just look at the EPA and then the liberal judges legislating from the bench.
Mirimichi on November 26, 2010 at 12:28 PM
I’ve owned Toyotas and/or Lexuses for decades, and never had any serious problems with any of them. When they did need routine maintenance or minor repairs, the service (especially with the Lexus) was quick, efficient, and super courteous. I had one GM vehicle once, years ago, and it was a miserable piece of crap that continually broke down and required expensive repairs. When I got rid of it, I vowed to never again buy a GM vehicle, and I never have and never will. The multi-billion-dollar rape of the U.S. taxpayer by GM and its union parasites just solidified my contempt for GM.
AZCoyote on November 26, 2010 at 12:28 PM
I understand not buying GM or Chrysler, but since the root of the problem is the UAW, I really have no interest in Ford either. The big three will not be healthy until the UAW is busted. Maybe RICO is the way?
If and when they try and strike Ford while owning a part of GM and Chrysler, that dam may break. I don’t see how they could avoid a court order to break up.
I’ll go for Nissan and Toyota first, looking for made in the USA models. If the model I want doesn’t happen to be made in the USA, I can live with that.
For far too long we have equated nationalism with support of corrupt thug unions. That has to end.
slickwillie2001 on November 26, 2010 at 12:28 PM
“Being in a ditch with no way out is a nightmare for all of us. You’re often disoriented, upset and unsure of what to do once the actual crash is over. But if you are in a Government Motors car, you’re worries are over. Using ObamaStar is safe and simple. With this latest system, ObamaMoney will be flowing your way. You can even use ObamaStar to make Hotel reservations in Spain and India.
ObamaStar, when you feel like your ass has been kicked.”
Electrongod on November 26, 2010 at 12:31 PM
You are right about the root of the problem. That’s where its at.
Mirimichi on November 26, 2010 at 12:32 PM
What a bunch of BS. No one had a choice about giving them money and we have yet to see they’ve gotten back up. Whatever PR genius thought this would shed a better light on GM must have been smoking crack. The clip should have had a segment of smoke and mirrors and union beer drinkers in it.
scalleywag on November 26, 2010 at 12:36 PM
Hi GM. You most definitely are not welcome. I don’t know who I hate more: the greedy, educationally lazy UAW workers and their gangster managers; or the greedy, incompetent GM management (including the present liars) that ran the company into the ground; or the power mad, corrupt Obama administration that bailed you out, gave you union bums part ownership and shafted the bond holders.
I’ll never, ever buy one of your cars again. Eff all of you pukes.
Best wishes for the holidays,
JimP
JimP on November 26, 2010 at 12:37 PM
Au contraire, mon frère!!
As of Tuesday, April 20, 2010:
That’s why this POS ad in running in Canada as well.
pain train on November 26, 2010 at 12:40 PM
Last September I needed to buy a new car. I have been a Dodge/Plymouth guy for a long time. Any other time I would have given the Caliber a long look. Instead, I bought a Mazda 3 hatchback. No regrets.
Mallard T. Drake on November 26, 2010 at 12:43 PM
From my comment in the Headlines:
This ‘sincere’ ad is from the same company whose CEO out-and-out lied to us about ‘repaying’ the bailout money for which they are now thanking us?
These people have less shame than their true puppet master, Barry.
pain train on November 26, 2010 at 12:43 PM
We don’t see these commercials any more….
(Bob Segar is out of work.)
Mallard T. Drake on November 26, 2010 at 12:46 PM
How pathetic. Now that Obama’s bailout turned into a major success, you’re cheering for its failure and the millions of jobs it supports throughout the Midwest.
But you’re not even close to reality- there is zero chance that GM will need another bailout. The new GM has a fantastic balance sheet and can generate billions of profits even in today’s weak economy. The only question is how much profit can it generate when the American economy returns to a solid footing. As for China, just about every American manufacturer is now looking for growth and higher profits in Asia, as the US economy is both mature and nearly stagnant. It’s not a bad thing when the Chinese covet your brands- Buick is one of the hottest brands among Chinese auto buyers.
You can continue your whining when GM breaks $5 billion in profits next year and Wall Street realizes a major profit from the shares it bought this month.
bayam on November 26, 2010 at 12:47 PM
Obamanomics.
Moesart on November 26, 2010 at 12:48 PM
On behalf of all the non-unionized auto dealerships that were axes and are still “down” and will probably never get back up because of your indulgent, overpaid unionized workforce, I’d like to say … F*CK YOU.
swamp_yankee on November 26, 2010 at 12:51 PM
The union bosses would send their regards but they are occupied with hookers and booze in Las Vegas.
viking01 on November 26, 2010 at 12:53 PM
If the Boxer in the commercial is to represent GM, shouldn’t he be alone in the ring punching himself in the face?
portlandon on November 26, 2010 at 12:53 PM
The bailout is only the beginning. We will also be subsidizing every one of the execrable Scumrolet Volts that Government Motors manages to expel from its unionized, corrupt cloaca.
Mason on November 26, 2010 at 12:53 PM
You don’t know what you’re talking about. The government gave GM billions of dollars in outright loans that had a repayment schedule. Those loans have been fully repaid by GM long before their due date.
To compensate for other assistance, the government received equity in the form of preferred shares and stock warrants. This equity is not a ‘loan’ and cannot simply be repaid by the GM by writing a check. Anyone who claims otherwise is either lying or has no understanding of finance.
bayam on November 26, 2010 at 12:57 PM
Hey, it’s only costing me my retirement! Anything so long as your semi-skilled union thugs can keep slapping together crappy cars for a few years then enjoy their own fat pensions! I’ll only have to work an extra decade or so longer while they lounge away in luxury (assuming any of us live that long)!
Blacklake on November 26, 2010 at 12:59 PM
This ad was on yesterday before our dinner guests arrived.
Good thing, because at the end, after all that schlock, when the GM logo came up… well, let’s just say that what the adults in my family spontaneously yelled at the TV would not be suitable to say in polite company.
Gag. They really think we’re stupid and can’t help but let us know, it seems.
Gilda on November 26, 2010 at 1:04 PM
This one is even more amusing. Let’s assume that GM had entered Chapter 7 and gone through a normal liquidation of its assets. How much do you think bondholders would have received for the sale of GM’s auto plants and corporate offices in dying parts of Michigan? How about all of its manufacturing equipment, patents, and brand names? All of these things were nearly worthless. 30 cents on the dollar was a windfall for anyone stupid enough to own GM bonds at the time.
If those assets had been put up for sale, 10 to 15 cents on the dollar would have been the return for bond investors. So cry us a river.
bayam on November 26, 2010 at 1:05 PM
GM wiped out their stock and walked away from hundreds of billions in debt, then the US govt and the UAW end up owning the company…Sounds like fraud, theft and collusion to me…Don’t try this at home folks or in any other business. You might end up sharing a cell with Jeff Skilling from Enron…
Nozzle on November 26, 2010 at 1:22 PM
This is the second time that GM has more or less acted like they’ve totally repaid the taxpayer. This is the second time that I’ve yelled at the TV about how you have screwed the taxpayer every which way but loose. Just rename GM to UAW and stop with all this nonsense. I know that my 2005 Pontiac Grand Prix (the 3rd one I’ve owned in succession) will be the last GM (or Chrysler or Ford) product I ever buy. Hellllooooo Lexus!
search4truth on November 26, 2010 at 1:22 PM
bayam, I’m going to type slowly for you so this has time to sink in:
The repayment came from another government bailout program.
The recent IPO will allow the federal government to recoup about $13.6 billion of the $49.5 billion in bailout funds it provided to keep GM afloat.
Plus, the government is going to continue to subsidize GM and its crappy Volt among other things.
pain train on November 26, 2010 at 1:27 PM
Hmmmm….sure were a lot of Individuals and Organizations selling GM stock the day before Thanksgiving. Link: http://www.gm.com/investors/sec-filings/
Some Examples:
UAW Retiree Medical Trust – 89,000,000 shares
Dr, Cynthia Ann Telles (Director) – 800 shares
Patricia F. Russo (Director) – 800
Isdelle E. Neville (Director) – 800
Thomas G. Stephens (Vice Chairman) – 800
Michael P. Millikin (Vice President & GC) – 800
Stephen J. Girsky (Vice Chairman) – 3,300
Daniel F. Akerson (CEO) – 15,000
And that’s just about half of them. Two questions:
1) Where did they get the stock? Was it given to them as part of the IPO?
2) Why are most of them selling 50% of their total holdings now?
Wonder if they know something we don’t? Specifically, the GM Stock is overpriced at $33 per share.
Cecil on November 26, 2010 at 1:28 PM
I’m really offended they would allude to a space shuttle crash like that.
amkun on November 26, 2010 at 1:34 PM
Rep. Darrell Issa (R, CA-49) will be taking a long, close look at GM.
Bank on it.
pain train on November 26, 2010 at 1:34 PM
As to the “strong” balance sheet. Let’s see:
$33.5B in cash vs. $52.5B in current liabilities
$$30.5B in Goodwill out of total assets of $136.3B
Total Liabilities of $106.5B vs total assets of $136.3B
No objective reviewer could claims that these figures represent a strong balance sheet.
Cecil on November 26, 2010 at 1:34 PM
That wasn’t the space shuttle.
pain train on November 26, 2010 at 1:35 PM
The lesson learned here is to never invest in unionized companies. I think that, in the long run, this will be the true beginning of the end for the unions. They have been exposed of the uncaring, destructive leeches that they are.
If you invest in a communist country, don’t be surprised when it goes bankrupt and your investment is nationalized. If you invest in a communist (unionized) company, don’t be surprised when it goes bankrupt and your investment is nationalized (stolen by the unions, in this case).
I think that consumers have taken notice and will not buy GM or any other heavily unionized company (I know that I won’t). I think that investors have taken notice and will not invest in GM or any other heavily unionized company (I know that I won’t).
The poison that kills is socialism. Whether it is through unions or through the government, it will slowly but surely kill it’s host. It is that simple.
Theophile on November 26, 2010 at 1:39 PM
The words ‘racing’ and ‘Volt’ should never be used in the same sentence.
James on November 26, 2010 at 1:40 PM
Government Motors should have been prosecuted for their false claims made re repayment of government loans in television advertising. They escaped because the real CEO is the Bamster and he owns any prosecuting department.
Liberals always make the claim that government involvement keeps corporations honest, but this illustrates that government corruption is far worse than corporate corruption can ever be. In addition, in the case of government corruption, it’s our money.
slickwillie2001 on November 26, 2010 at 1:45 PM
Does it include the catch phrase, “And thanks for the TARP money, suckers”?
andycanuck on November 26, 2010 at 1:57 PM
“We All Fall Down”
Only problem is this was an insurance-fraud slip’n'fall where the Union Pensioners fell down and defrauded the GM Bond Holders to get their share of someone else’s wealth.
He Ain’t Heavy He’s My Union Brother…
bobnox on November 26, 2010 at 2:27 PM
I’m trying to figure out who helped the boxer up at the end there… Looked like he stood up on his own. These guys are still being propped up by Obama, his minions, and our money. Give it ten years, pay back every cent… including to the investors… Then take a bow.
-
I’ll pass on GM.
-
RalphyBoy on November 26, 2010 at 3:13 PM
Brilliant!
Our Brilliant elected officials vow to use our money to bailout and organization that has been ran into the ground by the unions and then Brilliantly offers stock to taxpayers to help repay the money that we already loaned them……..very interesting
A fool and his money will soon part!
BigMike252 on November 26, 2010 at 3:34 PM
GM.
You are not welcome.
AshleyTKing on November 26, 2010 at 3:49 PM
It’s about 36.4% owned by the Treasury; the “over-allotment” shares, that if fully-exercised, would drop the federal stake to 33.34%, don’t appear to have been released.
steveegg on November 26, 2010 at 3:56 PM
Since 1908.
LIAR$, they are all crooks and liars.
!!There needs to be action by the GOP Congress to get something back to the original stockholders!!
At the very least they can admit that there is absolutely no REAL money going back into government coffers from GM and give the stock the government holds to the original stockholders who were stolen from.
Jason Coleman on November 26, 2010 at 3:58 PM
In each example shown in the video the “defeated” recovered on their own. They made the appropriate adjustments and got back into the fight. GM is they same as before, except someone else footed the bill. Someone else made the sacrifices.
Also, is it a good thing to compare yourself to a group of self indulgent, amoral drunkards.
Zaire67 on November 26, 2010 at 4:15 PM
Actually, only the Canadian government and the UAW sold stock in addition to the non-reporting Treasury, and both were part of the IPO process. The rest of those on that list received or bought stock.
The first 800 shares for each individual appear to have been given to them as part of the IPO at the IPO price of $33.00/share. I don’t recall seeing anything about this in any SEC filing. I suspect there is a restriction on the sale of those shares (it would typically be for 90 days).
In addition, Ed Whitacre (still the chair), Akerson and Girsky bought shares on the open market.
steveegg on November 26, 2010 at 4:19 PM
Eat me.
tp://www.acmewebpages.com/animal/cars.htm
BuckeyeSam on November 26, 2010 at 4:25 PM
Boehner should make this the first bill passed in the new House. The former GM dealers should also receive compensation. The bill should include a prohibition on any company that still owes the government money from running TV ads like this one. Dare Harry Reid to bottle it up, and Obama to veto it.
This was a pure fascist confiscation of private property.
rockmom on November 26, 2010 at 5:52 PM
It’s actually far worse (unless you’re the UAW) than that. I ran some back-of-the-envelope numbers, and if the UAW were to dump their remaining 173.5 million shares now and get the minimum of what they’re due in preferred stock and a secured note, the medical retirement fund would get $22.12 billion in cash from Government Motors, when Old GM owed it only $20.56 billion in unsecured liabilities.
steveegg on November 26, 2010 at 6:05 PM
And the winners are?
http://washingtonexaminer.com/blogs/beltway-confidential/2010/11/uaw-earns-34-billion-gm-stock-sale
scalleywag on November 26, 2010 at 6:07 PM
They paid off their TARP bailout with Obama Stimulus money. There is another $25-billion from Bush that they have flat-out said they’re not going to pay back; kind of an “up yours” to Bush, I guess.
And there is another $27-billion in UAW pension liabilities that got moved off of their books and onto us taxpayers via the Pension Benefit Guaranty Corporation.
Pretty nifty, huh? Get $100-billion in taxpayer gifts and bailouts and liability dodges, pay about half of it back with borrowed money, and then pat yourself on the back at what an astute business you are running. It’s a freaking crime.
No, banyam, you’re the one who doesn’t know what you’re talking about.
ss396 on November 26, 2010 at 6:46 PM
I was hoping for a burly, macho here, maybe Will Smith playing Obama armed to the teeth, racing up to save the day in a Volt.
Canadian Infidel on November 26, 2010 at 11:35 AM
Now that would be perfect !!
WS is a good likeness , big ears and all ! :)
cableguy615 on November 26, 2010 at 7:58 PM
I haven’t read anything to this effect- what’s your source? Given the fact that until last week the government literally had a controlling stake in GM and had the power to demand anything from the company, I find this hard to believe. In any event, Bush’s loans (the first step in the bailout) were for all the automakers, not only GM.
There’s no doubt that US taxpayers were screwed by a number of bailouts. Although TARP has overall cost taxpayers next to nothing, the fact that the government saved so many financial institutions yet made so little profit from assuming risk is just wrong. TARP should have netted US taxpayers $100 billion or more in profit.
In the case of GM, though, US taxpayers were fairly compensated with massive equity in the new company. The bailout saved the US auto industry and the public will cash out as GM’s stock price rises over the next couple years. The outcome for overall US economy and its manufacturing base could not have been better.
bayam on November 26, 2010 at 8:18 PM
@bayam on November 26, 2010 at 8:18 PM
We still aren’t buying your crap bleeds blue.
Inanemergencydial on November 26, 2010 at 9:59 PM
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