GM The Rip-Off

[dellinger63]

Despite the revelry of success, by the Obama administration and Riot, the saving of jobs, the launch of the Chevy Volt, and survival of General Motors in its current form the numbers don’t add up.

Politicians including some republicans argued GM was too big to fail and they needed to step up. GM was bailed out, the unions were happy, their workers were happy, GM the corporation was making money, and the American taxpayer was left with 500,000,000 (5 Hundred Million) shares worth a reported $67 billion ($134/share) yet should the retiring American Taxpayer need that money for say a Social Security check he/she would be paid sixteen cents on the dollar ($24/share). A monthly check for $3,000 is currently worth just under $500 in GM investment dollars.

To rectify the fraudulent deal Obama & Co. signed into, under the threat of a lawsuit; GM, its employees and the unions they represent should work out some deal where the outstanding GM shares ($55 Billion worth) held by the taxpayer are purchased back by GM, not at the price the current market dictates, but the valuation represented to the taxpayer at the time of the bailout.

The action described in the previous paragraph will never happen as I maintain the deal was fixed and lob sided from the start. Not even the rankest broker, on his first day on the job would valuate a stock six times the real market price, yet this administration did.

This bailout was nothing more than payback for the rank and file union support Obama and most democrats rely on. While we have protesters living in parks, complaining about the 1% the President in one sweep of the pen helped out just one tenth of one percent. His number one concern is his supporters and that is understandable. It’s just unfortunate it’s at the expense of America’s future financial well being.