Fuck its silent in here.......

[CT III]

Now Senator Dodd, who will choose retirement rather than face the voters (who will likely vote his ass out), has moved onto Financial Reform. Basically everything this guy touches is a crap sandwich smothered in a fat philly fans vomit.

Regardless of what I think of Mike's politics, this is a great line.

[Brownie]

General Motors paid back its original TARP loans...

... with other TARP money.


Fuck you, Ed Whitacre.

According to a news source and not "Reason":

the Associated Press reported, GM received a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as part of its bankruptcy reorganization. The U.S. considered $6.7 billion of the $52 billion as a loan.

In fact, GM still owes $45.3 billion to the U.S. and $8.1 billion to Canada, money it received in exchange for shares in the company. GM said it hopes to repay those amounts with an eventual public stock offering, the AP reported.

So, GM paid back the loan portion of the US bail out funds.  This totaled $6.7 billion.  But, they still owe Canada $8.1 billion.

It would be just as accurate to say that GM paid back the US with Canadian funds as it would be to say that they used "TARP" funds to pay back the loan.

Bottom line: GM has paid back a loan quicker than they were supposed to.  That's good, right?

They simply swapped debt for more equity.

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

[Bort]

General Motors paid back its original TARP loans...

... with other TARP money.


Fuck you, Ed Whitacre.

According to a news source and not "Reason":

the Associated Press reported, GM received a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as part of its bankruptcy reorganization. The U.S. considered $6.7 billion of the $52 billion as a loan.

In fact, GM still owes $45.3 billion to the U.S. and $8.1 billion to Canada, money it received in exchange for shares in the company. GM said it hopes to repay those amounts with an eventual public stock offering, the AP reported.

So, GM paid back the loan portion of the US bail out funds.  This totaled $6.7 billion.  But, they still owe Canada $8.1 billion.

It would be just as accurate to say that GM paid back the US with Canadian funds as it would be to say that they used "TARP" funds to pay back the loan.

Bottom line: GM has paid back a loan quicker than they were supposed to.  That's good, right?

They simply swapped debt for more equity.

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

SELL!

[Gilgamesh]

General Motors paid back its original TARP loans...

... with other TARP money.


Fuck you, Ed Whitacre.

According to a news source and not "Reason":

the Associated Press reported, GM received a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as part of its bankruptcy reorganization. The U.S. considered $6.7 billion of the $52 billion as a loan.

In fact, GM still owes $45.3 billion to the U.S. and $8.1 billion to Canada, money it received in exchange for shares in the company. GM said it hopes to repay those amounts with an eventual public stock offering, the AP reported.

So, GM paid back the loan portion of the US bail out funds.  This totaled $6.7 billion.  But, they still owe Canada $8.1 billion.

It would be just as accurate to say that GM paid back the US with Canadian funds as it would be to say that they used "TARP" funds to pay back the loan.

Bottom line: GM has paid back a loan quicker than they were supposed to.  That's good, right?

They simply swapped debt for more equity.

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

GM would probably help themselves out if they just made better cars.

[morpheus]

General Motors paid back its original TARP loans...

... with other TARP money.


Fuck you, Ed Whitacre.

According to a news source and not "Reason":

the Associated Press reported, GM received a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as part of its bankruptcy reorganization. The U.S. considered $6.7 billion of the $52 billion as a loan.

In fact, GM still owes $45.3 billion to the U.S. and $8.1 billion to Canada, money it received in exchange for shares in the company. GM said it hopes to repay those amounts with an eventual public stock offering, the AP reported.

So, GM paid back the loan portion of the US bail out funds.  This totaled $6.7 billion.  But, they still owe Canada $8.1 billion.

It would be just as accurate to say that GM paid back the US with Canadian funds as it would be to say that they used "TARP" funds to pay back the loan.

Bottom line: GM has paid back a loan quicker than they were supposed to.  That's good, right?

They simply swapped debt for more equity.

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

GM would probably help themselves out if they just made better cars.

As I recall it, the year they sold the most cars they ever have (2007?) they also posted their biggest loss.  That cannot be a sound business model.

[Brownie]

General Motors paid back its original TARP loans...

... with other TARP money.


Fuck you, Ed Whitacre.

According to a news source and not "Reason":

the Associated Press reported, GM received a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as part of its bankruptcy reorganization. The U.S. considered $6.7 billion of the $52 billion as a loan.

In fact, GM still owes $45.3 billion to the U.S. and $8.1 billion to Canada, money it received in exchange for shares in the company. GM said it hopes to repay those amounts with an eventual public stock offering, the AP reported.

So, GM paid back the loan portion of the US bail out funds.  This totaled $6.7 billion.  But, they still owe Canada $8.1 billion.

It would be just as accurate to say that GM paid back the US with Canadian funds as it would be to say that they used "TARP" funds to pay back the loan.

Bottom line: GM has paid back a loan quicker than they were supposed to.  That's good, right?

They simply swapped debt for more equity.

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

GM would probably help themselves us out if they we just made better cars.

Assuming 350 million Americans, you own about $130 in GM equity.

[Chuck to Chuck]

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

No, but owning $45.3 billion in stock is better than owning $45.3 billion in stock and $6.3 billion in unsecured debt.

[Gilgamesh]

General Motors paid back its original TARP loans...

... with other TARP money.


Fuck you, Ed Whitacre.

According to a news source and not "Reason":

the Associated Press reported, GM received a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as part of its bankruptcy reorganization. The U.S. considered $6.7 billion of the $52 billion as a loan.

In fact, GM still owes $45.3 billion to the U.S. and $8.1 billion to Canada, money it received in exchange for shares in the company. GM said it hopes to repay those amounts with an eventual public stock offering, the AP reported.

So, GM paid back the loan portion of the US bail out funds.  This totaled $6.7 billion.  But, they still owe Canada $8.1 billion.

It would be just as accurate to say that GM paid back the US with Canadian funds as it would be to say that they used "TARP" funds to pay back the loan.

Bottom line: GM has paid back a loan quicker than they were supposed to.  That's good, right?

They simply swapped debt for more equity.

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

GM would probably help themselves us out if they we just made better cars.

Assuming 350 million Americans, you own about $130 in GM equity.

Where's my employee discount then?!?!?!?!

[Brownie]

General Motors paid back its original TARP loans...

... with other TARP money.


Fuck you, Ed Whitacre.

According to a news source and not "Reason":

the Associated Press reported, GM received a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as part of its bankruptcy reorganization. The U.S. considered $6.7 billion of the $52 billion as a loan.

In fact, GM still owes $45.3 billion to the U.S. and $8.1 billion to Canada, money it received in exchange for shares in the company. GM said it hopes to repay those amounts with an eventual public stock offering, the AP reported.

So, GM paid back the loan portion of the US bail out funds.  This totaled $6.7 billion.  But, they still owe Canada $8.1 billion.

It would be just as accurate to say that GM paid back the US with Canadian funds as it would be to say that they used "TARP" funds to pay back the loan.

Bottom line: GM has paid back a loan quicker than they were supposed to.  That's good, right?

They simply swapped debt for more equity.

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

GM would probably help themselves us out if they we just made better cars.

Assuming 350 million Americans, you own about $130 in GM equity.

Where's my employee discount then?!?!?!?!

Employee? Fuck that. You're the employer. Might make any dealings you have with the UAW a little, um, awkward. Except they own more than you. (Or maybe it's Chrysler they own a shitload of)

[morpheus]

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

No, but owning $45.3 billion in stock is better than owning $45.3 52 billion in stock and $6.3 billion in unsecured debt.

Capital structure math'd.  And I'm not so sure of your logic, since bondholders > stockholders in a liquidation.

[Chuck to Chuck]

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

No, but owning $45.3 billion in stock is better than owning $45.3 52 billion in stock and $6.3 billion in unsecured debt.

Capital structure math'd.  And I'm not so sure of your logic, since bondholders > stockholders in a liquidation.

If you believe that, in a liquidation, there would be enough cash to get to the unsecured bond holders after the secured parties, well, then I can't help you.

Given the risks of default, which are probably about equal in this scenario, the debt has no upside while the stock does.

I'm just happy they owe us less.

[morpheus]

So, yeah, GM doesn't owe us any loans anymore, but we, the taxpayer "own" $45.3 billion in GM stock. Yay?

No, but owning $45.3 billion in stock is better than owning $45.3 52 billion in stock and $6.3 billion in unsecured debt.

Capital structure math'd.  And I'm not so sure of your logic, since bondholders > stockholders in a liquidation.

If you believe that, in a liquidation, there would be enough cash to get to the unsecured bond holders after the secured parties, well, then I can't help you.

Given the risks of default, which are probably about equal in this scenario, the debt has no upside while the stock does.

I'm just happy they owe us less.

Well, I can get behind that last statement.

[Gilgamesh]

BEST. IDEA. EVER.

[Wheezer]

BEST. IDEA. EVER.

Only if they bring along the Russians.

[Yeti]

BEST. IDEA. EVER.

I'm going