Topic: GM Buys Lender AmeriCredit for $3.5 Billion

[Erik]

Glad to see there is so much opposition growing to this.

If I was an American, after being shafted (again) and seeing "my" money potentially being spent for this rather than paying me back, I'd never deal with them again. Same thing here. Its "highway robbery", and its high time these bandits paid for it where it hurts, NO sales.

A very good article; 

http://www.thetruthaboutcars.com/gms-americredit-deal-awaiting-approval/

How is this a bad move for GM? This should help their IPO, which is the most important thing for GM, which needs to launch well after the IPO, and the US taxpayer, which can only get their money back with a successful IPO.

GM does not owe the US government or the US people any money any more. What they "owe" them is to make the company as successful as possible, drive the value of the company up, and make the IPO as successful as possible.

Whether or not the US government recovers everything they invested into GM through the IPO is questionable.

[dougjp]

Glad to see there is so much opposition growing to this.

If I was an American, after being shafted (again) and seeing "my" money potentially being spent for this rather than paying me back, I'd never deal with them again. Same thing here. Its "highway robbery", and its high time these bandits paid for it where it hurts, NO sales.

A very good article; 

http://www.thetruthaboutcars.com/gms-americredit-deal-awaiting-approval/

How is this a bad move for GM? This should help their IPO, which is the most important thing for GM, which needs to launch well after the IPO, and the US taxpayer, which can only get their money back with a successful IPO.

GM does not owe the US government or the US people any money any more. What they "owe" them is to make the company as successful as possible, drive the value of the company up, and make the IPO as successful as possible.

Whether or not the US government recovers everything they invested into GM through the IPO is questionable.

Yes I understand where the contrary opinion comes from. Its like blackmail. I just think its a $ 3.5 Billion "stretch of reality" that an IPO payback more than $ 3.5 Billion higher this year, vs. if they hadn't bought this company, will happen to the pockets of taxpayers! I consider that total nonsense.

And I absolutely don't agree with the statement " GM does not owe the US government or the US people any money any more " which is more a technicality than anything. We can thank our collective politicians for structuring the majority of the give-away as just that (as its turning out), a give-away, rather than all by way of loans. We now understand how we have got conned now. Or we will when the IPO happens.

[neil]

I laugh when people hold Ford up over the government bailout recipients.  Ford leveraged heavily with Chinese money before the crash.  Beholden to the tax-payers or to the Communists, what would you prefer?

[safristi]

...pleeze re rease ME let me GO................where the Money flows............poor bastards who can't afford the cars they are "tempted" to buy.......ah i nearly bought Al Gores California mansion but somehow the Carbon footprint was TOO LOW.....    i guess we can sum it up as "THE MORE THE poor soulsTHE MERRIER...............until the music stops ...and U can't find a chair to SIT ON.........

[toolatecrew]

I laugh when people hold Ford up over the government bailout recipients.  Ford leveraged heavily with Chinese money before the crash.  Beholden to the tax-payers or to the Communists, what would you prefer?

Communisits please.

Who Ford borrows money from is not my concern when it has 0 impact on my pocketbook.

If Ford fails to pay back CHina what do I care. If GM fails to pay back the Canadian government (and by extension me) I very much care.

Its amzing people still cling to the GM "We paid it all back" propaganda when its been so widley proven it was simply a shell game on their part robbing Peter to pay Paul.

[Leviathan]

 

[rrocket]

I laugh when people hold Ford up over the government bailout recipients.  Ford leveraged heavily with Chinese money before the crash.  Beholden to the tax-payers or to the Communists, what would you prefer?

Communisits please.

Who Ford borrows money from is not my concern when it has 0 impact on my pocketbook.

If Ford fails to pay back CHina what do I care. If GM fails to pay back the Canadian government (and by extension me) I very much care.

Its amzing people still cling to the GM "We paid it all back" propaganda when its been so widley proven it was simply a shell game on their part robbing Peter to pay Paul.

Agree 100%.

[Erik]

Agree 100%.

There's a surprise

[tenpenny]

I laugh when people hold Ford up over the government bailout recipients.  Ford leveraged heavily with Chinese money before the crash.  Beholden to the tax-payers or to the Communists, what would you prefer?

That simply shows that Ford had management that could plan for the future.  GM has management that can do the same thing they've always done.  As seen by this purchase of AmeriCredit:  exactly the same as they've been doing for years.

[rrocket]

Agree 100%.

There's a surprise

So you wouldn't be pissed if the GM bailout amounted to nothing and it was a waste of taxpayer money?

[Erik]

Agree 100%.

There's a surprise

So you wouldn't be pissed if the GM bailout amounted to nothing and it was a waste of taxpayer money?

I certainly would.

Surprisingly enough to many here, I don't have a huge amount of love for GM, and have been bit by some of their iffy quality in the past. "Iffy" being the kind word for decently designed cars that were nickle and dimed away from being great cars, and turned into mechanical nightmares. I also have been at the point of promising myself never to buy a POS GM product again.

I do, however, feel saving GM was still the right move. I don't think it is right if it becomes an endless money hole. It is now up to GM to build some very good quality product and get back to being the GM they should be.

[rrocket]

I certainly would.

I do, however, feel saving GM was still the right move. I don't think it is right if it becomes an endless money hole. It is now up to GM to build some very good quality product and get back to being the GM they should be.

That's how I feel. 

[Erik]

I certainly would.

I do, however, feel saving GM was still the right move. I don't think it is right if it becomes an endless money hole. It is now up to GM to build some very good quality product and get back to being the GM they should be.

That's how I feel. 

Damn!
We're in agreement on something again???

[rrocket]

^^Full moon out?

[Erik]

^^Full moon out?

Next thing you know I will be buying a Supra or something.....

[rrocket]

^^Full moon out?

Next thing you know I will be buying a Supra or something.....

Only if you're smart.....

I'm officially in the "dummy" camp for having sold it.....

[Erik]

^^Full moon out?

Next thing you know I will be buying a Supra or something.....

Only if you're smart.....

I'm officially in the "dummy" camp for having sold it.....

Actually, didn't I call you a idiot or a moron or something for doing that?

[rrocket]

^^Full moon out?

Next thing you know I will be buying a Supra or something.....

Only if you're smart.....

I'm officially in the "dummy" camp for having sold it.....

Actually, didn't I call you a idiot or a moron or something for doing that?

You've called me those names many times before, so I forget what each occasion was..

[Erik]

^^Full moon out?

Next thing you know I will be buying a Supra or something.....

Only if you're smart.....

I'm officially in the "dummy" camp for having sold it.....

Actually, didn't I call you a idiot or a moron or something for doing that?

You've called me those names many times before, so I forget what each occasion was..

Probably more times than you can imagine!