GM Insiders Want The Feds Out Even If Tax Payers Lose More Money

The Obama administration is holding on tightly to its 28% stake in General Motors Co., while Republican contender Mitt Romney advocates that the government should sell its GM shares pronto -- even at a loss.

Many inside the Detroit-based automaker seem to share Romney's point of view. "We're tired of the Government Motors jokes and we're tired of the Obama Motors jokes," says one GM executive, speaking on the condition of anonymity. "Of course we wish the U.S. would sell," this person adds.
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Steve - 5/7/2012 11:59:12 AM

+3 Boost

I have a solution, GM: buy back the shares the feds own at the same price they paid for them! The government breaks even. Tax payers see GM as doing the honorable thing. And that's the end of the Government Motors jokes.

What's that? Only an idiot would buy back the shares at their original purchase price, because it's so high above current market value that you'll likely never get your money back? Well...ahem...that's exactly right :-( And the government, on behalf of the tax-payers, is holding the short end of that stick. You, GM, have essentially shifted your megalithic losses to the tax payers. Is it any wonder why you're now the victim of jokes from those same embittered tax-payers?

You, GM, are the unfortunate victim of those "Government Motors" jokes because the tax-payers are pissed that you were laughing at them all the way to the bank when the feds bought those shares at a grossly inflated price, just so you could make off like a bandit and not call it a loan or a hand-out.

Suck it up, cup-cake.

fourmccs - 5/7/2012 1:18:13 PM

+2 Boost

Well said Steve!! We ( all the tax payers ) help save their ass and now they are whining. Come on GM SUCK IT UP!!

PLAY - 5/7/2012 2:52:57 PM

0 Boost

If GM wants the government out it should buy back the shares, but it cannot expect the treasury to relinquish its shares for a loss. As far as I am concerned, the government shouldn't sell until it can make a profit, even then I think it would be valuable for them to hold a stake in a vital industry.