[Subscribe to Daily Digest] |
[Main General Bulletin Board | BBFAQ |
Prev by Date | Next by Date | Post Followup ]
Member Login / Signup - Members see fewer ads. - Latest Member Gallery Photos
Blame GM Leadership Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Tue, 10 Dec 2013 03:25:26 In Reply to: US gov sells rest of GM stock $ 10.5B loss, dtechakacheaptech, Mon, 9 Dec 2013 16:57:43 Members do not see ads below this line. - Help Keep This Site Online - Signup |
I am confident the Gov't could have exited their ownership phase with no loss to the tax payers if GM had done two things differently after returning to profitability.
1) Pay back the "No Strings Attached" money that GM received. Instead, GM used this money to pay back the loans and claimed they had no obligation to pay back the "No Strings Attached" funds. Legally GM is correct, but ethically and morally they lost irrecoverable public support by this decision.
2) Created a special class of shares for the Gov't owned stock that would have removed all risk of the "haircut" the tax payers received by relying on market valuation of the Common shares. Ford Motor Co (which foresaw the looming financial crisis and prepared themselves for it) has multiple special classes of stock - most of which are owned by the Ford family.
But the thieving jackals now running GM are convinced of their own infailability and believe the public has completely forgotten about the bail-out. How arrogant can a company's leadership be?
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
No Site Registration is Required to Post - Site Membership is optional (Member Features List), but helps to keep the site online
for all Saabers. If the site helps you, please consider helping the site by becoming a member.