Tuesday, April 19, 2011

Remember when we bailed out GM?

We were told that the taxpayer would make money! Yay!
Then the Chicago machine stole 2/3 of the stock and gave it to the unions and we were told it's not really theft because we gave those investors "new" stock! Yay!

Last year we were told that GM (why is everyone so quiet on Chrysler?) was going to repay $8 billion of the loan early! Yay! But it turned out they used stimulus funds for that. Yay---what?

Then we had that well heralded and awesomely coordinated IPO of the 'New" GM stocks. Yay!
That sold for less than needed to break even. Huh?
Because investors saw what happened to the original owners of the now union owned stock.

But, that's ok, really- because we'll sell the rest of that stock during the summer, because the stock now is worth HALF of what it needs to be to break even.
But that's ok, stocks took a 200 point hit yesterday on that S&P announcement of negative credit ratings- what could go wrong in the next couple months with more bad news on the debt front.
Lets sell those stocks anyway- it's only taxpayer monopoly money.

1 comment:

Thanks to spammers that found this little blog at the edge of the universe, I have to use word verification.