General Motors pushing U.S. to sell stake: Obama Administration says NO

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From the Wall Street Journal’s Market Watch:

By William Spain

CHICAGO (MarketWatch) — The Treasury Department is resisting General Motors’ push for the government to sell off its stake in the auto maker, The Wall Street Journal reports. Following a $50 billion bailout in 2009, the U.S. taxpayers now own almost 27% of the company. But the newspaper said GM executives are now chafing at that, saying it hurts the company’s reputation and its ability to attract top talent due to pay restrictions. Earlier this year, GM GM +0.10% presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering. But officials at the Treasury Department were not interested as selling now would lead to a multibillion dollar loss for the government, the newspaper noted.

See the full article here.

The Chevrolet Volt is a lie.  GM’s market share is falling.  Production of the Volt has stopped — again.  The federal government is the current largest purchaser of GM products.  Imagine that.

You see, ladies and gentlemen, this is what you get when you climb into bed with a rattlesnake.  Sooner or later it will bite you, no matter your “good intentions” or what you “feel” in terms of emotions.  Rattlesnakes cannot change their nature.  Neither can the federal government, unless you choke it within an inch of its life.

My own law enforcement department has not learned this lesson and I doubt that, with the current crop of administrators and those growing up absent my corruptive influence, it ever will.  We are Money Whores for the federal government.  A disturbing bulk of law enforcement is whoring itself for federal dollars.

So few persons and entities and agencies and states understand the concept that, when you take federal dollars, you are OWNED.  GM is just now beginning to understand the fool’s notion that somehow its results would somehow be different.

Those persons, agencies, entities or states who refuse federal dollars and refuse to whore themselves out — they are the ones worthy of admiration and respect.

Finally: despite this, GM needs to collapse if for no other reason than their administrators failed to see this conclusion coming.  So apparently, yes, they are that politically and managerially ignorant.  This in itself should keep America from purchasing GM cars until the entire top changes.

The government does not “own” me.

BZ

 

 

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7 thoughts on “General Motors pushing U.S. to sell stake: Obama Administration says NO”

    • Absolutely correct.

      I am not a subject, or a serf, or a prole.

      I think everyone ought to pull out their copies of 1984 once again.

      BZ

  2. Somewhere in this world Libber heads are exploding.. Truth is not something they can handle, and when they hear it, they shriek like banshees and call names..

    I can hear them shrieking now!

    • GM was shocked — SHOCKED, I tell you — that this occurred.

      You would — YOU, Obama — YOU would do THIS to US — ?

      After we funneled DOLLARS to you in your campaign — ?

      BZ

  3. I give up! When the RNC ignored Ron Paul and spit on the TEA Party they lost me.

    These guys are either clueless or stupid or both. One more dime to Government Motors will tell us which it is.

    Bump

  5. There is no such thing as too big to fail.

    There is, however, such a thing as too stupid to succeed.

    I think we have the textbook example of this now.

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