Bailouts

Barack Obama - Capitalism - Communism - Crony Capitalism - Democrats/Leftists - Detroit - Economy/Finances - Ethics - GOP - Government - Jobs - Liberals - President - Regulation - Socialism - Taxes - Warner Todd Huston

After Billions in Federal Bailouts, Now GM Lobbying States for More?

January 30, 2012 by

-By Warner Todd Huston

How much bailing out does one company need? (The correct answer is none, of course) After receiving some $50 billion in tax dollars from us courtesy of Obama’s “cash stash,” GM is claiming success with a “Obama claimed that GM was “back on top as the world’s number one automaker.” But true or not, if all is coming up roses for GM why is the company now lobbying the individual states for mini bailouts?

That is exactly what is happening. The new “big success” automaker is spending millions hiring lobbyists to squeeze more millions out of state legislatures. As Justin Owen notes, GM has “turned to another, smaller government teat,” by putting its hand out to the states. GM, Owen says, “has received another $1.7 billion in taxpayer-funded grants and tax abatements.”

This is no accident of timing, either. GM admitted to the Tennessee Watchdog that begging to the states for tax dollars is a concerted effort.
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After Billions in Federal Bailouts, Now GM Lobbying States for More?”

Barack Obama - Budget - Capitalism - Communism - Congress - Democrats/Leftists - Detroit - Economy/Finances - GOP - Government - House of Representatives - Liberals - Michigan - President - Regulation - Socialism - Stimulus - Taxes - Warner Todd Huston

GM Exec: Reporting GM’s Failures Hurts… Republicans?

May 5, 2011 by

-By Warner Todd Huston

In an odd turn of events, former GM Vice Chairman Bob Lutz thinks that anyone that criticizes GM is not only “mis-informed” but insists that those “foaming ideologues” that criticize the car giant are “damaging the Republican Party.”

It is interesting that an executive in the company derided as “Government Motors” is trying to direct attention away from his minders in the Obama administration and toward the opposing party, and just before a general election at that.

It is also interesting to see Lutz defending GM as the “future” of the car business. Lately GM has not been turning out the sort of products that puts the company at the head of much of anything.
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GM Exec: Reporting GM’s Failures Hurts… Republicans?”

Anti-Americanism - Barack Obama - Budget - Capitalism - Communism - Congress - Democrats/Leftists - Detroit - Economy/Finances - Free Trade - Government - Jobs - Liberals - President - Regulation - Republicans - Socialism - Stimulus - Taxes - Warner Todd Huston

Geithner’s Spin: Auto Bailout A Success

April 29, 2011 by

-By Warner Todd Huston

At the Detroit Economic Club today, Treasury Secretary Timothy Geithner tried to claim the auto bailout is a success.

It certainly doesn’t seem like a success for the taxpayers. GM stock is about $30 today, and unless it gets up to $54, the taxpayers lose money on the deal. Why would it go up? You want to fight high gas prices by buying a Volt? How does $41 grand a pop sound? And still GM loses money on every one it sells even at that price. Not only that but we are seeing that government subsides for electric cars is good tax money wasted in any case.
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Geithner’s Spin: Auto Bailout A Success”

Banks - Budget - Business - Capitalism - Cities - Congress - Democrats/Leftists - Detroit - Economy/Finances - Financial Reform - Government - Liberals - President - Stimulus - Taxes - Warner Todd Huston

Government Motors: The Coming General Motors Failure Will Be At Taxpayer’s Expense

March 24, 2011 by 5 Comments

-By Warner Todd Huston

The Obama Administration has proclaimed TARP and the subsequent bailout for General Motors a great success. US Treasury Deputy Timothy Massad recently said, “Where we are today shows that the program, by any reasonably objective measure, was a success.” But is GM, now much derided as “Government Motors” the success that Obama says it is? Facts don’t argue in Obama’s favor.

First of all, we must dispense with the whole idea that a benevolent Obama played sugar daddy to “save” GM and did so without too much meddling with the company. Despite the claims that it is “back” and back in private hands, We The People still own 33% of GM. But government ownership is deeper than the a mere calculated percentage. You see, GM’s Board and its CEO were all placed in their positions by Obama, his czars and advisers. Worse, none of them have any experience at all in the auto industry.

Obama’s GM CEO, Dan Akerson, is not a “car guy” — as he himself admitted. Akerson’s experience is as a Wall Street hedge fund operator not an auto industry exec. He was also a player at the politically connected Carlyle Group and was the firm’s Managing Director.
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Government Motors: The Coming General Motors Failure Will Be At Taxpayer’s Expense”