General Motors is returning to life as a public company Thursday with a stock offering worth potentially $23 billion, ending the U.S. government's role as majority shareholder.
The IPO is valued at about $33.00 per share, and you can bet that Insurance companies, bank controlled money market accounts,GM itself in the form of corporate officer personal buys will get most of it, but to pay back the bail out money the stock would have to be valued at about $55.00 a share. The companies that buy large blocks will then "help cook the books" to insure a substantial rise in share price to get rich while GM ships more jobs out of the country and waits for all those retirees to start dying off so that the expensive benefit packages will go unpaid and GM will modify the payouts so that they don't have to apply accrued interest to the payouts hence "cooking the books".
What I found so unjust about the whole bailout thing, besides the fact it even happened in the first place, which is a whole other story, is the fact that they declared bankruptcy and yet got to keep the bailout money. That's just not right. Chrysler was given billions of dollars of our tax money, and declared bankruptcy, and was allowed to just never pay that back. Do you think that you or I could get an equivalent gift, not even billions but say 50 grand, and go declare bankruptcy and not have that factor into it? HELL NO.
It was basically welfare, there is no other way to put it. Oh sure, the "supporters" will call it "economic stimulus". When a welfare person spends their money that's "economic stimulus" ,too. It doesn't change the basic fact it's WELFARE.
So whenever I hear conservatives complain about welfare, I ask: Do you include corporate welfare, or is that kind ok?
By the way, did you know that the new Camaro was designed in Australia and built and assembled in Canada? American muscle? Yeah, right!
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