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Obama Proving $418 Billion Bailout No Failure as GM Buys

Bloomberg -- The U.S. Treasury’s plan to sell its remaining 32 percent stake in General Motors Co. (GM) is a leap forward for the Obama administration’s effort to end a $418 billion bailout program that in four years was transformed from a political albatross to a winning campaign issue.

The decision to exit GM within the next 15 months, and the Treasury’s sale last week of its remaining shares of insurer American International Group Inc. (AIG), will erase two corporate symbols of the 2008 financial crisis from the government’s Troubled Asset Relief Program. Taxpayers spent $182.3 billion on AIG and $49.5 billion to rescue GM.

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Submitted Dec 25, 2012 By: GasPasserAB

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StArrow68 Champion Author Oakland Posts:3,268 Points:1,363,190 Joined:Apr 2003	Message Posted: Dec 29, 2012 3:29:55 PM Ignore StArrow68 Report Abuse Thinking GM would disappear is wishful at best. The only thing that got saved was the Unions. GM would have survived with a lower cost structure and same for the suppliers.
honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Dec 29, 2012 8:00:40 AM Ignore honda0105 Report Abuse thanks LeEC :)
LetemEatCake Champion Author Oklahoma City Posts:5,609 Points:1,206,580 Joined:Mar 2008	Message Posted: Dec 28, 2012 10:19:16 PM Ignore LetemEatCake Report Abuse Well said Honda0105 and Sneakers!
honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Dec 28, 2012 7:43:18 AM Ignore honda0105 Report Abuse Sneakers: I agree. Money well spent.
virostek Veteran Author Virginia Posts:423 Points:90,285 Joined:Oct 2012	Message Posted: Dec 27, 2012 7:07:01 AM Ignore virostek Report Abuse OK.
virostek Veteran Author Virginia Posts:423 Points:90,285 Joined:Oct 2012	Message Posted: Dec 27, 2012 7:06:49 AM Ignore virostek Report Abuse OK.
Sneakers55 Champion Author Houston Posts:51,335 Points:2,145,125 Joined:Nov 2005	Message Posted: Dec 27, 2012 4:58:11 AM Ignore Sneakers55 Report Abuse On Dec 27, 2012 3:41:18 AM, NedW wrote: >Tax payer dollars were spent. Taxpayer dollars would have been spent if Government Motors would have collapsed. Especially if the suppliers also collapsed and took Ford with them. That was a very real concern back in 2008 when Bush-43 was President and the whole economy was in free-fall.
NedW Champion Author Indianapolis Posts:5,625 Points:1,144,195 Joined:Mar 2008	Message Posted: Dec 27, 2012 4:41:18 AM Ignore NedW Report Abuse Tax payer dollars were spent. GM should not be allowed to buy those shares back at a loss to the U.S. tax payer.
52MPG Champion Author Dayton Posts:7,272 Points:1,742,905 Joined:Apr 2006	Message Posted: Dec 27, 2012 12:32:14 AM Ignore 52MPG Report Abuse Hopefully GM will survive on there own.
LetemEatCake Champion Author Oklahoma City Posts:5,609 Points:1,206,580 Joined:Mar 2008	Message Posted: Dec 26, 2012 10:42:57 PM Ignore LetemEatCake Report Abuse All righty then Jumpmaster82...Boycott GM???? You sound like every stereotypical vision of NC. How many jobs are you planning to lose in the US? Then ask yourself...can we afford it????
vandamme Champion Author New York Posts:1,158 Points:132,480 Joined:Nov 2008	Message Posted: Dec 26, 2012 10:32:51 AM Ignore vandamme Report Abuse It helped Obama get reelected, and you paid for it.
ClarkSC Champion Author South Carolina Posts:3,088 Points:1,013,355 Joined:May 2010	Message Posted: Dec 26, 2012 9:58:59 AM Ignore ClarkSC Report Abuse Another failure.
peabeax55 All-Star Author Atlanta Posts:713 Points:185,515 Joined:Mar 2012	Message Posted: Dec 26, 2012 9:04:51 AM Ignore peabeax55 Report Abuse It was a failure from an investment standpont. At least Lee Iacocca paid his loan back in full. I never bought a GM product in my 60 years of life but was forced to lose money on this deal through tax dollars hard at work.
oilfreak All-Star Author Houston Posts:687 Points:36,885 Joined:Oct 2012	Message Posted: Dec 26, 2012 8:27:34 AM Ignore oilfreak Report Abuse That's why in the long run, big government is a pain in the consumers' back.
Ray_10589 Champion Author New York Posts:4,956 Points:1,184,935 Joined:May 2009	Message Posted: Dec 26, 2012 1:46:53 AM Ignore Ray_10589 Report Abuse What about the taxpayer?
danindenver Champion Author Denver Posts:5,494 Points:1,240,410 Joined:May 2005	Message Posted: Dec 26, 2012 1:09:18 AM Ignore danindenver Report Abuse It wasn't a failure for Obama. He got what we paid for.
skb69sa Champion Author San Antonio Posts:3,492 Points:713,100 Joined:Mar 2011	Message Posted: Dec 26, 2012 1:08:46 AM Ignore skb69sa Report Abuse GM is now better than what it was 4 years back.
Jeff4U Champion Author Atlanta Posts:8,767 Points:1,854,320 Joined:Nov 2004	Message Posted: Dec 26, 2012 12:41:32 AM Ignore Jeff4U Report Abuse A bunch of crap! GM still owes around 24 billion taxpayer dollar! How is this a bargain or a winning campaign issue? Oh... because liberals can't tell the difference between fact and fiction... I almost forgot.
crreed1 Champion Author West Virginia Posts:1,995 Points:2,528,285 Joined:May 2005	Message Posted: Dec 26, 2012 12:23:52 AM Ignore crreed1 Report Abuse ok
Jumpmaster82 All-Star Author South Carolina Posts:921 Points:850,325 Joined:Nov 2008	Message Posted: Dec 26, 2012 12:17:59 AM Ignore Jumpmaster82 Report Abuse Taxpayers will still lose $billions and GM will lose a lot of customers that will never forget. Boycott GM.
TRAIN RIDER Champion Author San Bernardino Posts:9,087 Points:2,758,795 Joined:Oct 2004	Message Posted: Dec 26, 2012 12:17:31 AM Ignore TRAIN RIDER Report Abuse Only problem is that when they sell the stock they will lose money on it and so will the US taxpayers. It seems that no matter what Obama does we lose.
GLCSHADOW Champion Author Oregon Posts:1,616 Points:1,887,310 Joined:Dec 2005	Message Posted: Dec 26, 2012 12:17:28 AM Ignore GLCSHADOW Report Abuse Not a failure? Selling back at half the price does not look like a success to me.
cheapchickKY Champion Author Lexington Posts:4,027 Points:798,240 Joined:Jan 2011	Message Posted: Dec 26, 2012 12:15:50 AM Ignore cheapchickKY Report Abuse It seems not repaying loans is becoming the American way.
iFueler Champion Author Durham Posts:64,433 Points:180,475 Joined:Nov 2012	Message Posted: Dec 26, 2012 12:15:48 AM Ignore iFueler Report Abuse headline on old news a little different from other financial articles [Edited by: iFueler at 12/26/2012 12:17:37 AM EST]
jcdakota Champion Author Baltimore Posts:1,347 Points:361,345 Joined:Nov 2010	Message Posted: Dec 26, 2012 12:12:50 AM Ignore jcdakota Report Abuse Why do we need to bail out American businesses any way?
boatfloyd Champion Author Jacksonville Posts:1,728 Points:389,925 Joined:Mar 2012	Message Posted: Dec 26, 2012 12:12:24 AM Ignore boatfloyd Report Abuse I'm staying out of GM stock.
7SPEEDY7 Champion Author Flint Posts:1,301 Points:607,625 Joined:May 2011	Message Posted: Dec 26, 2012 12:11:48 AM Ignore 7SPEEDY7 Report Abuse Good
TxMtb Champion Author Ohio Posts:1,545 Points:345,905 Joined:Feb 2012	Message Posted: Dec 26, 2012 12:11:28 AM Ignore TxMtb Report Abuse Geesh, they still haven't paid it back.
bhb2009 Veteran Author Flint Posts:288 Points:766,885 Joined:Jul 2009	Message Posted: Dec 26, 2012 12:10:37 AM Ignore bhb2009 Report Abuse did Obama help or hinder
UpSol7 Champion Author Augusta Posts:1,659 Points:760,725 Joined:Sep 2008	Message Posted: Dec 26, 2012 12:08:54 AM Ignore UpSol7 Report Abuse Good news
MRED3 Champion Author Jacksonville Posts:4,011 Points:931,920 Joined:May 2009	Message Posted: Dec 26, 2012 12:07:50 AM Ignore MRED3 Report Abuse I would like to see my cut.
confetti Veteran Author Tampa Posts:354 Points:364,540 Joined:Jan 2006	Message Posted: Dec 26, 2012 12:07:17 AM Ignore confetti Report Abuse What about the stockholders who were cheated out of their investments? I bet they still don't consider that fiasco a success.
ricebike Champion Author New Jersey Posts:10,043 Points:1,857,670 Joined:Oct 2005	Message Posted: Dec 26, 2012 12:06:45 AM Ignore ricebike Report Abuse ok
joel27nc Champion Author Raleigh Posts:10,547 Points:1,860,320 Joined:Mar 2008	Message Posted: Dec 26, 2012 12:05:39 AM Ignore joel27nc Report Abuse Seems to have failed to me.
John747 Champion Author Chicago Posts:472,463 Points:3,626,860 Joined:Aug 2001	Message Posted: Dec 26, 2012 12:04:35 AM Ignore John747 Report Abuse President Obama bailed out the UAW - not GM and Chrylser.
cheaper0ON All-Star Author Ontario Posts:993 Points:400,005 Joined:Jan 2012	Message Posted: Dec 26, 2012 12:03:20 AM Ignore cheaper0ON Report Abuse Whatever.
wkb03 Champion Author Georgia Posts:1,970 Points:595,000 Joined:Aug 2011	Message Posted: Dec 26, 2012 12:02:11 AM Ignore wkb03 Report Abuse Old news
Tiernan Champion Author Chicago Posts:3,485 Points:821,550 Joined:Sep 2005	Message Posted: Dec 26, 2012 12:01:55 AM Ignore Tiernan Report Abuse Winning campaign issue? No comment..
nztyraider Champion Author Nevada Posts:2,273 Points:694,825 Joined:Apr 2009	Message Posted: Dec 26, 2012 12:01:06 AM Ignore nztyraider Report Abuse All Obama's rich friends bought those tax deductible cars.
NO_SWEAT Champion Author Toronto Posts:4,350 Points:1,081,040 Joined:Jul 2008	Message Posted: Dec 26, 2012 12:00:11 AM Ignore NO_SWEAT Report Abuse Whatever
mstearno Champion Author Dayton Posts:8,075 Points:1,733,165 Joined:Jan 2008	Message Posted: Dec 25, 2012 11:57:08 PM Ignore mstearno Report Abuse how would this be good for OBAMA OH yeah I forgot he always tells us how it could have been worse
tutaw Champion Author Kentucky Posts:3,613 Points:844,695 Joined:Sep 2008	Message Posted: Dec 25, 2012 11:55:48 PM Ignore tutaw Report Abuse really?
mia3bxs Veteran Author Miami Posts:452 Points:312,690 Joined:Jul 2011	Message Posted: Dec 25, 2012 11:53:17 PM Ignore mia3bxs Report Abuse If everything pans out in the end as planned, then good for Obama.
mstearno Champion Author Dayton Posts:8,075 Points:1,733,165 Joined:Jan 2008	Message Posted: Dec 25, 2012 11:52:14 PM Ignore mstearno Report Abuse end it with a huge loss What do you expect from a community organizer. How did he ever get re elected?
CCLighthouse Champion Author Hartford Posts:1,013 Points:214,980 Joined:Aug 2012	Message Posted: Dec 25, 2012 11:48:35 PM Ignore CCLighthouse Report Abuse We will see if it gets executed.
DYSKYPILOT Champion Author Fort Worth Posts:2,907 Points:627,430 Joined:Mar 2006	Message Posted: Dec 25, 2012 11:48:08 PM Ignore DYSKYPILOT Report Abuse ok.
bhb2009 Veteran Author Flint Posts:288 Points:766,885 Joined:Jul 2009	Message Posted: Dec 25, 2012 11:45:21 PM Ignore bhb2009 Report Abuse was this really obama plan...
The_DR Champion Author New Jersey Posts:2,790 Points:586,790 Joined:Aug 2011	Message Posted: Dec 25, 2012 11:41:52 PM Ignore The_DR Report Abuse merry xmas
homespesial All-Star Author Seattle Posts:710 Points:156,995 Joined:Oct 2012	Message Posted: Dec 25, 2012 11:41:50 PM Ignore homespesial Report Abuse interesting
HailstormCA Champion Author San Diego Posts:7,860 Points:1,472,995 Joined:Nov 2008	Message Posted: Dec 25, 2012 11:40:46 PM Ignore HailstormCA Report Abuse It's still to be done. And let's not have it done at a loss to the American people.