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GM´s CEO rejects repaying
Feds for bailout losses

Detroit Free Press, by Todd Spangler

Original Article

Posted By:DaddyO, 12/17/2013 6:36:12 AM

The General Motors bailout may have cost the government $10 billion, but GM CEO Dan Akerson rejects any suggestion that the company should compensate for the losses. He says Treasury officials took the same risk assumed by anyone who purchases stock. "I would not accept the premise that this was a bad deal," Akerson said during a question-and-answer session at the National Press Club in Washington. He also said the government´s $49.5-billion aid to GM helped save billions of dollars in tax revenue and government social services. Akerson spoke in the wake of Treasury announcement last week that it sold

Comments:
Yeah? Well I reject buying a GM car, Dan.

      


Post Reply  

Reply 1 - Posted by: WhamDBambam, 12/17/2013 6:47:33 AM     (No. 9656864)

Yep, last GM mobile for me. Winning strategy there, Dan.

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Reply 2 - Posted by: Mobyclik, 12/17/2013 7:23:08 AM     (No. 9656905)

´´The General Motors bailout may have cost the government $10 billion...´´

I´m sorry, here I thought it cost the TAXPAYERS $10 billion dollars! Silly me.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: Safari Man, 12/17/2013 7:43:26 AM     (No. 9656929)

Why should they repay? Everyone else rips off the tax payers. As long as it benefits the progressives, its all good.


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Reply 4 - Posted by: varkdriver, 12/17/2013 7:47:56 AM     (No. 9656932)

The man has a point about risk-taking when you purchase stock, but this is ridiculous.

Perhaps, upon reading this, the Fed Gov will suddenly slap GM with a $50 billion dollar "fine" for polluting, and then "settle" for $10 billion.

Nice car company ya got there. Would be a shame if something happened to it...

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Reply 5 - Posted by: Rabidrabbit1, 12/17/2013 8:02:03 AM     (No. 9656955)

I will never own another GM vehicle. I even passed on a Hummer because of the GM affiliation.

Will think twice re any Chrysler purchases, too.

In fact, I have been staging my own personal boycott of any business I suspect of supporting Obama or his policies. I think these businesses should feel the same pain that Obama has imposed on me.

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Reply 6 - Posted by: The Architect, 12/17/2013 8:03:40 AM     (No. 9656958)

This is exactly why I will never ever buy a GM car or truck again. If you want to buy American, remember Ford never took the bailout.

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Reply 7 - Posted by: ROLFnader, 12/17/2013 8:04:06 AM     (No. 9656959)

A few weeks ago, we were told that the loss to the taxpayers was going to be around $32 billion. Another thing- The MSM/WH has been telling us ceaselessly that the auto industry had ´recovered´ thanks to Obama?
Someone needs to ´splain to old Dan here that there is a huge difference between a voluntary purchase of GM shares and those bought by unwilling taxpayers.

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Reply 8 - Posted by: Adnova, 12/17/2013 8:22:56 AM     (No. 9656985)

As long as they´re building Fords I will walk before I buy a GM product.

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Reply 9 - Posted by: Mass Minority, 12/17/2013 8:45:48 AM     (No. 9657024)

I´m sorry to say this but that CEO is correct. The real lesson here is that government should not be in the business of picking winners and losers in the private sector. If we had an honest media this boondoggle would cost more than a few bureaucrats their jobs. It would also bring metaphorical pitchforks, torches and tar buckets down on the federal government in general.

But we don´t have an honest media so what we get is blather about "saved" jobs and "increased tax revenues".

Don´t blame the CEO for this debacle, blame The administration who thought they could manipulate the free market and make a profit at it.

And just for the need for full disclosure, I drive a Dodge Ram. I love that truck and intend to keep it til it rots away. But it is also the last GM product I will ever buy.

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Reply 10 - Posted by: comstock, 12/17/2013 8:46:43 AM     (No. 9657027)

GM is alive and Osama is dead.
-Joe Biden

What a great Administration we have.

/s

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Reply 11 - Posted by: Doctor P, 12/17/2013 9:02:15 AM     (No. 9657042)

He is right that the firm should not reimburse any stockholder for their risks.

The government should never have "invested" our money that way in the first place. Yet the blame for that should be placed elsewhere.

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Reply 12 - Posted by: arcady, 12/17/2013 9:18:53 AM     (No. 9657077)

Is the government still buying fleets of GM´s every year? Why?

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B-G1


 
Reply 13 - Posted by: birddog, 12/17/2013 9:21:53 AM     (No. 9657086)

$1.4 Million per Job "Saved". WINNING! When Obama talks about "Investing" for Jobs/Growth...this should be shouted in his Face. (If they had offered every single GM worker half of that as a buyout to retire...7500 New Jobs could have been created instead, new hires would get paid less, cost less in Benefits...the company wouldn´t have needed as much "Help")

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Reply 14 - Posted by: whyyeseyec, 12/17/2013 9:30:44 AM     (No. 9657107)

GM didn`t lose $10 billion in taxpayer dollars. The Obama Regime stole the money.

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Reply 15 - Posted by: MattMusson, 12/17/2013 9:46:31 AM     (No. 9657131)

I have a friend who got a pet turtle that lived a year and then died. After the death he found out that turtle can live 40 years.

So, instead of taking good care of his turtle like he thought - he actually managed a slow, lingering 12 month demise.

If GM that turtle?

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Reply 16 - Posted by: tennman, 12/17/2013 10:22:07 AM     (No. 9657176)

My opinion is that the 10 billion should be paid back by the unions. They´re the ones this whole rotten kettle of fish saved.

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Reply 17 - Posted by: heartlandconservative, 12/17/2013 11:13:14 AM     (No. 9657276)

Funny no one seems to want to talk about the fact that GM was profitable company, only the US portion was having problems. The so called bailout was a payback for the unions.

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R_DBL_B
  


 
Reply 18 - Posted by: cheeflo, 12/17/2013 12:38:55 PM     (No. 9657424)

Um, #9 -- your Dodge Ram is a Chrysler product, not GM.

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