12:01 PM, Dec 17, 2013 • By GEOFFREY NORMAN
Is to stiff the taxpayers. Not to mention the bondholders. As Todd Spangler of the Detroit Free Press reports:
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.
The way the CEO – who has his job, by the way, courtesy of taxpayers – sees it, "Treasury officials took the same risk assumed by anyone who purchases stock.”
Taxpayers would do well to remember that the next time (and there will be one) that some car company or other “vital” enterprise” comes around talking bailout. “Like to help you out, old stud, but you assumed a risk, just like anyone else in business. But good luck with next year’s model line. And especially that Volt."
That $10 billion, by the way, would cover – according to some estimates – the cost of the recent economic shutdown.
10:12 AM, Dec 19, 2012 • By DANIEL HALPER
The American taxpayers stand to lose billions as General Motors today announced a plan to buy back 40 percent of the company owned by the federal government.
9:00 AM, Nov 5, 2012 • By EDWARD NIEDERMEYER
The auto bailout debate, already a triumph of narrative over reality, took another turn for the absurd last week as both presidential campaigns exchanged salvos over what amounted to a misunderstanding about Chrysler's plan to build Jeeps in China.
2:07 PM, Sep 4, 2012 • By DANIEL HALPER
Today is the first day of the Democratic convention in Charlotte. Coincidentally, GM, the embattled car company that was bailed out by the federal government, has some good news to report.
Sep 10, 2012, Vol. 17, No. 48 • By STEPHEN F. HAYES
If you missed Paul Ryan’s speech at the Republican National Convention last week and tried to play catch-up the next morning, you could be forgiven for concluding that nothing the Wisconsin congressman said was true.
Twelve hours after the speech, Josh Marshall, editor of the liberal Talking Points Memo, popular among journalists, asked: “Will the Paul Ryan Lying Thing Break Through in the Mainstream Press?”
Um, yes. It would.
11:24 AM, Aug 14, 2012 • By GEOFFREY NORMAN
Not so hot, it seems. First, there is the simple matter of costs.
The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15 percent higher than its previous forecast.
1:27 PM, Jun 5, 2012 • By DANIEL HALPER
Mitt Romney maintains that "President Barack Obama is holding on to the government's stake in General Motors to avoid an embarrassing financial loss before the election, and says he'd sell the stock quickly if he wins the White House," according to the Detroit News, which recently interviewed the Republican presidential candidate.
1:01 PM, May 17, 2012 • By DANIEL HALPER
Speaking in Ohio, Vice President Joe Biden admitted that auto workers lost jobs because of actions taken by the Obama administration:
3:00 PM, May 3, 2012 • By DANIEL HALPER
The Detroit Free Press reports that “General Motors made $1 billion in the first quarter, beating analysts’ expectations before being dragged down by a special accounting-related $590-million charge in struggling Europe.”
2:56 PM, Aug 18, 2011 • By JONATHAN V. LAST
Just to close the loop on President Obama’s claim that GM is “now making a profit for the first time in decades,” reader D.B. sent along GM profit-loss statements from 1990 to 2000.
5:21 PM, Aug 17, 2011 • By JONATHAN V. LAST
Yesterday I pointed to President Obama’s
alarmingly statist “reasonable” view of his government’s handling of Chrysler and GM. But in focusing on Obama’s ideology, I missed the bigger story. To refresh, here’s what Obama said:
12:15 PM, Jun 28, 2011 • By MARK HEMINGWAY
Contrary to what you're hearing out of Detroit, the auto manufacturing business in the U.S. isn't so bad. That's because foreign auto company plants, mostly in the South, are thriving. This is largely because such plants are free from the union albatross that hangs around the neck of the big three auto manufacturers.
As it stands now, the American workers in these foreign auto plants are extremely happy with their jobs, observes this Bloomberg report:
The Chevy Volt and Nissan Leaf are selling like . . . electric cars.11:19 AM, Mar 4, 2011 • By JONATHAN V. LAST
Hey everybody--it's the Age of the Electric Car! Sales numbers for the Chevy Volt are out and you'll never guess how many of these future machines consumers gobbled up in the month of February. Go ahead and try. I'll wait.