There’s a been some seriously bad news for GM lately. Oddly, this isn’t getting much coverage in the LSM. Does that fact have anything to do with the way Obama tries to claim he saved it? The Detroit News reports,
Treasury: U.S. to lose $25 billion on auto bailout
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.
In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.
The report may still underestimate the losses. The report covers predicted losses through May 31, when GM’s stock price was $22.20 a share.
On Monday, GM stock fell $0.07, or 0.3 percent, to $20.47.At that price, the government would lose another $850 million on its GM bailout.
The government still holds 500 million shares of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout. At the current price, the Treasury would lose more than $16 billion on its GM bailout.
One writer notes in Forbes, they’ve have a pretty miserable time with redesigns….
In their March 2012 issue, Car and Driver published another D-Segment comparison test, pitting the 2013 Chevy Malibu Eco against five competing vehicles. This time, the Malibu came in dead last.
Not only was the 2013 Malibu (183 points) crushed by the winning 2012 Volkswagen Passat (211 points), it was soundly beaten by the 2012 Honda Accord (198 points), a 5-model-year-old design due for replacement this fall. Worst of all, the 2013 Malibu scored (and placed) lower than the 2008 Malibu would have in the same test.
That seems to be a different articulation of the word “forward”.
Worse, watch towards the end of this segment….
They’re just handing out credit, again!!!! Then read the bottom of the Detroit News piece referenced……
Taxpayers incurred a $1.3 billion loss on the $12.5 billion bailout of Chrysler.
The Treasury also has put on hold an initial public offering initially planned for last year in Ally Financial Inc. because of market weakness. The government holds a 74 percent majority stake in the Detroit auto finance company as part of its $17.2 billion bailout and has recovered $5.7 billion.
Reblogged this on Climate Ponderings.
“Sometimes I think that Peace Prize winners shouldn’t have a ‘kill list’………”
“Obama That I Used to Know” parody to the music of “Somebody That I Used To Know”
You realize there are kids on this site, well at least one, so I am told, Right?
Yeah, what’s up with that?
While its a bit much, it’s a parody of a song expressing disappointment in Obama.
Didn’t know it was that offensive.
Lol, it isn’t, I was just taken aback by the first scene……
It’s a lot like the real one
Lol, clearly I don’t keep up! Give me 3 chords and Merle any day!
They released a CD of this song in 10 different remixes.
Which one? The parody or the original?
Try this one. It’s more than 3 chords. Is it good as Merle?
Have to wait to hear it tomorrow, but I’m sure Merle’s better!
The original.
My brother used to drive Opel for the last 30 years, now he switched to a Ford. I think the trouble with the motronic of the Opel Zafira was too much for his nerves.
Opel is the German subsidiary of GM. Originally it was a German company, acquired by GM in the 1920ies or so. They are not allowed to market their brand worldwide. On the other hand, they now get threatened by GM’s Chevy, which are cheaper Korean cars made by what used to be Daewoo motors.
Maybe Obama next time can let GM sink and bail out only the Koreans, this way he might have a competitive advantage.
I would never buy a GM product ever, and that was long before the bailouts. Lets just say it was a dealers thing that pissed Me off. So it works it’s way from the bottom up from there.
People are disappointed by talk of another GM bailout? Just wait until Barack Obama loses the election. He will have only 2 1/2 months left. You will see abuses of power like you never thought possible. Signing Executive Orders will run all the ink pens in the White House dry.
Well, I think mostly blanket pardons. …..
Oh that’s what Presidents have done in the past. This isn’t your daddy’s President.
IDK, I think he’ll be disheartened and just quit for the last couple of months….. maybe not…..
I think he’s going to be angry at losing. I think he will know he only has 2 1/2 months to accomplish what he started out to do–’fundamentally transform’ America. Thanks to John Roberts he got his biggest step. But I know his mind imagines far more than that. He will fill every minute with destroying the America he hates. He may set desperate sites on the Constitution. This is the only chance. He will never have the power again to do it. He may even start sooner than election time when he finally comes to terms that he cannot change the poll numbers. He may realize he has turned enough of America off to people like him and that he will feel his Presidency is the last chance for decades to destroy the Constitution.
One thing is certain, he won’t be contacting England to get the bust of Churchill back. He will continue the work he views as so important: dismantling what his unintelligent, juvenile mind thinks is colonial America. He will only work to harm America.
I am not as optimistic as you James. We’ve all seen his angry heart at work. Only a road to Damascus conversion will stop his destruction. But then, I do believe in the power of prayer. Throughout the Bible there are cases where God personally changed the intentions of leaders. I will pray.
Prayer never hurts. I am optimistic. I think we’ll see a renewal in mainstream America working to get us back on the right track. Obama’s divisive nature, class envy, and crony socialism will be rejected by the American people.
The death of messiahs, or especially false messiahs, is not without turmoil. They don’t go peacefully in their sleep.