The Second Coming (of bailouts)

[tw]

Originally Posted by TheMercenary

Treasury to dole out $3.8 billion to GMAC, raise stake

Want to see how large GM's money games were? GM mortgaged everything possible over the past 30 years to claim profits and to protect their "largest automaker" title. Money games made legal due to America's defective accounting practices - because profits are more important than products.

Where are those GM customers over the last two years praising their purchase of GM products? Why so much silence?

We are now only just beginning to pay the price for 30 years of crappy and anti-American products. GMAC was only one 'money pit' from which GM invented profits.

How much has GMAC taken? Is it something like $13 billion? And the $20 billion that GM shorted the pension funds (see PBGC). $10billion for health care funds. How many tens of $billions did the government also give for that 61% ownership?

Where was everyone back before the Cellar even existed when I cited GM's obviously crappy products that now make bailouts necessary? Yes, for as long as there has been a Cellar, I have been overtly critical of GM products and those who bought them - even while I worked there.

Someone still has to explain to me why banks are making profits when 14% of this nation's home mortgages are in default (and not in foreclosure). Numbers still do not reflect reality. But then that is why MBAs always get promoted at the expensive of innovators and other product people. That is why George Jr also lied so often. For those who did not know - George Jr was also an MBA.

For some reason, I suspect that others here finally appreciate what I have been saying all along. What's a billion here and a billion there? Nothing until the bills come due four and ten years later. GMAC is simply another example of how we are averting debts that GM has fostered upon all of us – so that management could rake in massive bonuses.

What is the purpose of a company? Profits – especially to top management – no matter how much it screws America. What is good for GM is good for America. That also came from business school graduates.

[classicman]

Originally Posted by tw

Where was everyone back before the Cellar even existed
when I cited GM's obviously crappy products that now make bailouts necessary?

Huh?

[SamIam]

What I want to know is now that Taxpayers have become unwilling owners of GMC, will be allowed to vote in shareholder's meetings? Will we get dividends like other stock holders. Can we sell our shares if we don't like the way GMC is doing?

[tw]

Originally Posted by SamIam

What I want to know is now that Taxpayers have become unwilling owners of GMC, will be allowed to vote in shareholder's meetings?

We own the mutual fund. The fund manager already threw out Rick Wagoner for painfully obvious reasons.

Unfortunately, the Chairman who is current in power was previously from AT&T. Enought to worry. Not enough to make a conclusion.