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post #1 of 21 (permalink) Old 11-10-2010, 03:05 PM Thread Starter
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Good News For Taxpayers

With any luck, maybe we will get back every penny....and then some...from our investment in GM.

Whether you agreed with the bailout for GM/Chrysler or not, no one can say that the money was just thrown away.

Well, I guess you could say it.....but it would be incorrect.

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DETROIT – Strong profits on new cars and trucks helped General Motors Co. earn $2 billion in the third quarter, enhancing the company's appeal as it nears next week's initial public stock offering.

The third-quarter earnings of $1.20 per share nearly match what GM made in the first two quarters of the year combined, aided by profits from overseas and healthy revenue from North America, the company said Wednesday. The earnings were boosted by higher prices from newly introduced models such as the Buick LaCrosse, a midsize luxury sedan.

They also were another indication of a widespread recovery among global automakers. Toyota, Honda, Nissan, Chrysler and Ford all reported improved results in the most recent quarter as auto sales slowly rise.

The strong quarter meant that GM met projections it made a week ago that net income for the quarter would be $1.9 billion to $2.1 billion.

It was the third-straight profitable quarter for GM, which needed $50 billion in U.S. government aid to make it through bankruptcy protection last year. The company has repaid or plans to repay taxpayers $9.5 billion, and the government hopes to get back the remaining $40 billion with the Nov. 18 common stock offering and several follow-up sales.

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Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #2 of 21 (permalink) Old 11-10-2010, 03:11 PM
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Re: Good News For Taxpayers

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Originally Posted by AK Gandy View Post
With any luck, maybe we will get back every penny....and then some...from our investment in GM.

Whether you agreed with the bailout for GM/Chrysler or not, no one can say that the money was just thrown away.

Well, I guess you could say it.....but it would be incorrect.

GM (click here)




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post #3 of 21 (permalink) Old 11-10-2010, 03:19 PM
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Re: Good News For Taxpayers

What about the BS.... I heard a rumor about GM not having to pay tax on future profits or something. Has anyone dug up something on this yet?

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post #4 of 21 (permalink) Old 11-10-2010, 03:20 PM
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Re: Good News For Taxpayers

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Originally Posted by mattr66 View Post
What about the BS.... I heard a rumor about GM not having to pay tax on future profits or something. Has anyone dug up something on this yet?
Kind of like Citigroup?

U.S. gave up billions in tax money in deal for Citigroup's bailout repayment - washingtonpost.com

Quote:
The federal government quietly agreed to forgo billions of dollars in potential tax payments from Citigroup as part of the deal announced this week to wean the company from the massive taxpayer bailout that helped it survive the financial crisis.
Like I said...till all the back room deals are known....we will never know

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post #5 of 21 (permalink) Old 11-10-2010, 03:51 PM
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Re: Good News For Taxpayers

"The company has repaid or plans to repay taxpayers $9.5 billion, and the government hopes to get back the remaining $40 billion with the Nov. 18 common stock offering and several follow-up sales."

That's pretty funny..
post #6 of 21 (permalink) Old 11-11-2010, 04:13 AM
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Re: Good News For Taxpayers

Yep, GM posted a $2 billion dollar profit, of which how much of that did the taxpayer get back? And hey, I got a $10 miilion dollar bailout from the gov't, I just posted a $40k profit for the last quarter. How the fuk can't they show a profit in the first place?

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post #7 of 21 (permalink) Old 11-11-2010, 04:28 AM Thread Starter
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Re: Good News For Taxpayers

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How the fuk can't they show a profit in the first place?
I assume you meant can?

Very easily.

Go ask an accountant on how "debt service" is carried on the books and shown on the P&L statement under GAP.

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post #8 of 21 (permalink) Old 11-11-2010, 08:11 AM
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Re: Good News For Taxpayers

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I assume you meant can?

Very easily.

Go ask an accountant on how "debt service" is carried on the books and shown on the P&L statement under GAP.

.
GAP, as in the space between your ears, or GAAP, as in Generally Accepted Accounting Principles?

And I'm with Ducati on this. After blowing off all their debt through bankruptcy, and then receiving $50 Billion in cash from the Government in exchange for stock, how would it be possible that they couldn't turn a profit? Bear in mind there's no debt service on the $50 Billion since it was for stock in GM, and not an actual loan.

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post #9 of 21 (permalink) Old 11-11-2010, 11:14 AM Thread Starter
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Re: Good News For Taxpayers

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GAP, as in the space between your ears, or GAAP, as in Generally Accepted Accounting Principles?
OK, so I missed an A....my bad.



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And I'm with Ducati on this.
Oh c'mon, be honest.

You're not so much with Ducati, you just found another subject that you can disagree with me on.

Since a high % of your posts in this area is for that reason alone....you're not fooling anyone.



Quote:
After blowing off all their debt through bankruptcy, and then receiving $50 Billion in cash from the Government in exchange for stock, how would it be possible that they couldn't turn a profit? Bear in mind there's no debt service on the $50 Billion since it was for stock in GM, and not an actual loan.
Better go look again.

Only a portion of the cash loan was being repaid in stock.

Not to mention that they actually used additional bailout money, to repay the original loan.

Any way you slice it, they still have loans on the book.

Loan = debt service.

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Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #10 of 21 (permalink) Old 11-12-2010, 10:30 PM
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Re: Good News For Taxpayers

got to love the fact that the government told all the share holders to go pound sand, bailed out the bad union deals and now is selling the stock off to more or less the same shareholders that got screwed before...

yay government...

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