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Treasury "Out" Of GM For $10.5 Billion Loss (Claims 768% ROI)

Tyler Durden's picture





 

The spin does not get any better than this... As they reported they would,

  • *LEW SAYS U.S. SOLD ALL REMAINING SHARES OF GENERAL MOTORS RECOUPING $39 BLN OF ORIGINAL GM INVESTMENT

That is a $10.5 Billion loss! But, The Center for Automotive Research, a Michigan nonprofit organization that analyzes auto industry issues, those funds saved or avoided the loss of $105.3 billion in transfer payments and the loss of personal and social insurance tax collections -- or 768% of the net investment.”

 

 

And The White House...

Efforts Saved Jobs, Helped Stabilize Economy During Financial Crisis

 

WASHINGTON – As the Troubled Asset Relief Program (TARP) continues to wind down, the U.S. Department of the Treasury today announced that it has sold all of the remaining shares of General Motors (GM) common stock. 

“The President’s leadership in responding to the financial crisis helped stabilize the auto industry, and prevent another Great Depression. With the final sale of GM stock, this important chapter in our nation’s history is now closed,” said Treasury Secretary Jacob J. Lew.    “The President understood that inaction could have cost the broader economy more than one million jobs, billions in lost personal savings, and significantly reduced economic production. As a result of his efforts, which built on those of the previous Administration, more than 370,000 new auto jobs have been created, and all three U.S. automakers are profitable, competitive, and growing.”

Treasury has recouped a total of $39 billion from the original GM investment.  To date, Treasury has recovered a total of $432.7 billion on all TARP investments - including the sale of Treasury’s shares in AIG - compared to $421.8 billion disbursed. Treasury will continue to wind down the remaining investments in a manner that balances maximizing the taxpayer’s return on investments with the speed of our exit.

 

Via LA Times,

...

 

Additionally, the center said the bailouts and financial restructurings saved about 2.6 million jobs in the U.S. economy in 2009 and $284.4 billion in personal income over 2009 and 2010.

 

In the report, “The Effect on the U.S. Economy of the Successful Restructuring of General Motors,” researchers Sean McAlinden and Debra Maranger Menk wrote that the value of the bailouts can’t be considered just by what the taxpayers will lose in the sale of GM’s stock.

...

 

If you only count the things that make you look good and don’t count the things that make you look bad, any investment will look good and any investment will be profitable,” said Dan Mitchell, senior fellow at the libertarian-leaning Cato Institute.

 

He said the analysis doesn’t place a value on the adjustments that the auto industry would have been forced to make in the absence of a bailout.

 

“Those adjustments, more meaningful concessions in labor costs and work rules, would have put the auto industry on a sounder footing,” he said.
 

We can't wait to hear how much Bill Ackman made or saved on his Herbalife investment...

 


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Mon, 12/09/2013 - 17:41 | Link to Comment JeremyWS
Mon, 12/09/2013 - 17:55 | Link to Comment SilverIsKing
SilverIsKing's picture

So based on this nonsense, .gov should give Walmart $10,000 for every employee they hire and keep employed for a year.

That would provide a great return on investment.

 

Mon, 12/09/2013 - 18:02 | Link to Comment Cult_of_Reason
Cult_of_Reason's picture

Maybe now they can rest and ease on propping up the stock market?!?

Bernanke/Yellen can taper now.

Mon, 12/09/2013 - 18:18 | Link to Comment Dick Buttkiss
Dick Buttkiss's picture

The USG is getting out while the getting's good. Otherwise, it would be riding the "recovery" to a handsome profit next year.

Absurd on every level, in other words, while the MSM, doing the bidding of their crony-capitalist advertisers, present it as activist government on behalf of the people.

I'd throw up if I had anything left in my stomach.

Mon, 12/09/2013 - 18:39 | Link to Comment smlbizman
smlbizman's picture

jack lew..the donna chang of our time..

http://www.youtube.com/watch?v=Xb1PRxV0mpw

Mon, 12/09/2013 - 19:20 | Link to Comment Leopold B. Scotch
Leopold B. Scotch's picture

Krugman would be pleased.  No alien invasion needed.

Mon, 12/09/2013 - 20:07 | Link to Comment wee-weed up
wee-weed up's picture

 

 

Yep, who needs campaign finance laws...

When you can just raid the public treasury of tax money...

To pay off your union cronies for steering the...

Rank-and-file votes your way.

Way to go, Barry!

Mon, 12/09/2013 - 18:41 | Link to Comment Cleve Meater
Cleve Meater's picture

So... Question for the peanut gallery because I honestly don't know the answer: Last week Dan Akerson announces that he's doing a press conference at the National Press Club next Monday. This morning the Center for Automotive Research puts out a report saying that the taxpayer bailout saved a gazillion jobs or something like that.

When I saw the Akerson announcement last week, I said to myself... "Self - UST will announce the sale of the remaining shares in GM next week." When I saw the CAR report this morning, I said "Self - it's going to happen today."

So my question: Can a company and its largest shareholder coordinate and time the sale or purchase of shares without running afoul of SEC rules? I mean, I would imagine that for the rest of us hoi polloi that would be a no-no. But, clearly GM knew EXACTLY when UST was going to sell its remaining shares -- they telegraphed it last week with the announcement of the Akerson speech next Monday.

Mon, 12/09/2013 - 18:59 | Link to Comment Rainman
Rainman's picture

See Rattling Bones below

Tue, 12/10/2013 - 02:15 | Link to Comment brettd
brettd's picture

The SEC gave them a "waiver".

Just this once.....

Mon, 12/09/2013 - 18:47 | Link to Comment akak
akak's picture

Rumor has it that the USG sold their GM shares mainly just to take the opportunity to invest in bitcoins.

Mon, 12/09/2013 - 19:14 | Link to Comment Hulk
Hulk's picture

plus they can write off $3k a year until the sun burns out...

Tue, 12/10/2013 - 01:46 | Link to Comment Homple
Homple's picture

"I can't guzzle as much as I would like to puke."

~Artist Max Lieberman upon watching a NAZI torchlight parade

 

“Ich kann gar nicht so viel fressen, wie ich kotzen möchte”

 

Mon, 12/09/2013 - 18:15 | Link to Comment Tijuana Donkey Show
Tijuana Donkey Show's picture

The GOV does give Walmart $10k per person per year in medicaid, welfare, SNAP, tax dodging, Walton trust fund scamming assistance. 

Mon, 12/09/2013 - 20:38 | Link to Comment lakecity55
lakecity55's picture

eerily reminiscent of the old USSR GUM department stores where all the employees were government employees, just like the customers.

Mon, 12/09/2013 - 20:31 | Link to Comment A Nanny Moose
A Nanny Moose's picture

Multiplier Efucked

...bytchez!

Mon, 12/09/2013 - 22:52 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

Holy shit, I need to go to my local bank branch and demand a loan against all of my 'potential' gains from a mining a massive PM filled asteroid.....I am the owner and will eventually get to it....I am cerain of it.

Mon, 12/09/2013 - 17:43 | Link to Comment Mike2756
Mike2756's picture

Wonder how many jobs my trading losses saved?

Mon, 12/09/2013 - 18:10 | Link to Comment OneTinSoldier66
OneTinSoldier66's picture

Answer given below by CounterPartyVice

Mon, 12/09/2013 - 17:48 | Link to Comment Rattling Bones
Rattling Bones's picture

It's almost as if we have a corrupt and incompetent government.

Mon, 12/09/2013 - 17:57 | Link to Comment Rainman
Rainman's picture

Hopelessness is not a strategy

Mon, 12/09/2013 - 18:33 | Link to Comment Henry Chinaski
Henry Chinaski's picture

Who gained? When O sold off Chrysler the American People lost $5B. The same week Fiat (privately owned car company) declared a one time $5B gain on the purchase of Chrysler...

Tue, 12/10/2013 - 02:18 | Link to Comment brettd
brettd's picture

Why would they stop?

Nobody's raising a rukkus....

Mon, 12/09/2013 - 17:47 | Link to Comment y3maxx
y3maxx's picture

Obama Administration will now take all the GM $$$ profits and sink it into a "New Obamacare Web site" for a "Daily Double Parlay".

Mon, 12/09/2013 - 17:50 | Link to Comment nbsharma
nbsharma's picture

hilarious ackman tweet.

Mon, 12/09/2013 - 17:51 | Link to Comment Derf Scratch
Derf Scratch's picture

Lax Jew, perfect faceman for this corruption and theft form the middle class...

Mon, 12/09/2013 - 17:54 | Link to Comment Winston Churchill
Winston Churchill's picture

They made it back on the volume.

Must be time to go long GM judging by the Obozo investment record.

 

Mon, 12/09/2013 - 17:55 | Link to Comment Non Passaran
Non Passaran's picture

Extremely profitable!
If car loans "created and saved" are counted, this deal was fantastic for the taxpayer.

Mon, 12/09/2013 - 17:57 | Link to Comment Meat Hammer
Meat Hammer's picture

The Feds are so good at proving the unknown.  

Mon, 12/09/2013 - 17:59 | Link to Comment ebworthen
ebworthen's picture

$10.5 Billion loss?

Hell, they could have sent every household $5.2 million and stimulated a whole lot more than inventory stuffing.

Mon, 12/09/2013 - 18:14 | Link to Comment negative rates
negative rates's picture

That was the cost to ship our stuff to China, now the spare parts orders should be arriving any day now.

Wed, 12/11/2013 - 00:30 | Link to Comment Abbie Normal
Abbie Normal's picture

$10.5 Billion divided by $5.2 million = 2019

So which 2019 households should get that lost bailout money?

Mon, 12/09/2013 - 17:59 | Link to Comment CounterPartyVice
CounterPartyVice's picture

Without the bailout the world wouldn't exist anymore right? So the ROI is x / 0 = infinity, so it's clearly the best invesment ever.

Mon, 12/09/2013 - 18:08 | Link to Comment yogibear
yogibear's picture

LOL, didn't GM pay back all of it's loans years ago? But it must be true because they advertised it.

The wonders of mark to fantasy accounting.

Lew knows the Fed will keep printing. No shortage of cash with the Fed's printing. 

When Lew and Bernanke get together they probably light their cigars with 100's.

Mon, 12/09/2013 - 18:11 | Link to Comment mt paul
mt paul's picture

maybe Bitcoin lighters..

Mon, 12/09/2013 - 18:02 | Link to Comment KCMLO
KCMLO's picture

Just consider that $10 billion loss an "initial investment."  They will have wonderful opportunities in the near future to try their hand at investing in GM all over again, and just think what the savings will be then!  And with these metrics for "success" look out for an 10,000% ROI!

Mon, 12/09/2013 - 18:27 | Link to Comment Race Car Driver
Race Car Driver's picture

> That is a $10.5 Billion loss!


BFD - the FED shits that out every 3 days, or so. A billion ain't what it used to be.

Mon, 12/09/2013 - 18:16 | Link to Comment Bryan
Bryan's picture

I saved $10M today by not buying a gold-plated yacht!  I'm rich!   I think I'll go not buy a Fifi Island next!  woohoo!  I didn't know this was how it worked!?

Mon, 12/09/2013 - 19:48 | Link to Comment Emergency Ward
Emergency Ward's picture

You will be taxed by the NWO IRS on your imputed gain!

Mon, 12/09/2013 - 18:15 | Link to Comment Colonel Klink
Colonel Klink's picture

Nothing like transferring everyone else's wealth for the benefit of others!  When do we run out of other peoples money?

FORWARD!

Mon, 12/09/2013 - 20:45 | Link to Comment lakecity55
lakecity55's picture

well, COL, we willl at least get to find out how the Germans felt with a homicidal psychopath in charge of the country.

*****

The latest O'Leechcare news is that you won't be keeping your prescription medicines, either.

Genocide can be sooo simple....

Tue, 12/10/2013 - 01:58 | Link to Comment Colonel Klink
Colonel Klink's picture

Heil Obama!

Tue, 12/10/2013 - 02:20 | Link to Comment brettd
brettd's picture

Only when

Or if...

they stop giving their money to you....

Mon, 12/09/2013 - 18:22 | Link to Comment CheapBastard
CheapBastard's picture

BaaaaWaaaaHaaaaaa....................

Mon, 12/09/2013 - 18:25 | Link to Comment Seasmoke
Seasmoke's picture

Because I didn't blow up a nuclear bomb today. I saved or created 1 billion lives.

Saved or created...... Saved or avoided.... Enough is a fucking Enough !!!!!!

Mon, 12/09/2013 - 18:23 | Link to Comment juggalo1
juggalo1's picture

Bailing out GM was a big success for the US govenment.  Kicking the can of GM reorganization out of the 2008 ditch was the greatest success of the Bush / Obama coalition.  I didn't think it would be possible but it is.  Instead of having to pay government benefits to all those unemployed people, we had all those workers paying taxes.  Treasury is perfectly correct to count that as a benefit to the government and the country.

Mon, 12/09/2013 - 19:36 | Link to Comment Alternative
Alternative's picture

Fantastic! Take from my taxes, give it to them and have them pay taxes on that. Sounds at least like a double taxation to me. Even if I would call it theft.

Mon, 12/09/2013 - 19:47 | Link to Comment Emergency Ward
Emergency Ward's picture

"The end is near unless Bush/Obama plunder the sheep to pay goodies to their cronies."  Ha Ha Ha.

Tue, 12/10/2013 - 10:39 | Link to Comment withglee
withglee's picture

GM made cars. They sold them for less than they cost to make (or didn't sell some they made). But they did sell "some" cars. The marketplace needed those cars. If you close GM, someone else will make the cars that GM used to make. That will take people. GM releases people into that labor pool, and they get hired by the other makers of cars. Some don't get hired. They're not needed to make cars. So what.

Why would anyone think that keeping a dead manufacturer on life support so as to keep its labor getting paid ... why would that be a good strategy.

There's only one good strategy: Make government smaller ... repeat.

Mon, 12/09/2013 - 18:23 | Link to Comment jeffgroove102
jeffgroove102's picture

It is troubling how theft is becoming so rampant in society. These people's hubris knows no boundaries. Is their a reptile test that people can take before entering public office, so we cannot have them in public office. Friggin joke.

They are literally running civilization through a meat grinder, how many times over is jack lew a millionaire, what about herr obama? This has been the most singlehanded re-establishment of royalty in america.

Mon, 12/09/2013 - 18:41 | Link to Comment Henry Chinaski
Henry Chinaski's picture

Trends indicate civilization is mostly rare and fragile. Bitchez!

Mon, 12/09/2013 - 22:05 | Link to Comment Emergency Ward
Emergency Ward's picture

The government thief, perhaps rueing his actions yet trying to avoid internal contradictions, justifies his thefts by reasoning that he has taught his victims a lesson about injustice even though the thief is the injustice.

Tue, 12/10/2013 - 02:24 | Link to Comment brettd
brettd's picture

Nice...

Mon, 12/09/2013 - 20:32 | Link to Comment lakecity55
lakecity55's picture

Yes, we are almost back to feudal times. I am waiting for the sheriff to visit my thatched hut and carry off moar grain for the new Leechcare Health Plan Tax.

Tue, 12/10/2013 - 02:27 | Link to Comment brettd
brettd's picture

It stops when every sheriff gets

thumped every time they try to "collect."

But so far, people just see the badge, open the door, 

and let the old boy take what he says is "fair" for The King.

Heil Obama!

Mon, 12/09/2013 - 18:39 | Link to Comment Van Halen
Van Halen's picture

So if I go to Wal Mart with $100 and spend it all, but use a $10 coupon, I actually came out...

$10 ahead!

I love math!

Tue, 12/10/2013 - 02:26 | Link to Comment brettd
brettd's picture

Buy more and SAVE!

Mon, 12/09/2013 - 18:42 | Link to Comment BigRedRider
BigRedRider's picture

Failure is not an option.  It came bundled in TARP.

Hail Obama!

Hail yeah!

Mon, 12/09/2013 - 18:52 | Link to Comment Loucleve
Loucleve's picture

Now why, in the midst of this economic recovery we are all told about, and a raging bull market, would they sell NOW?

what do they know that we dont?

Mon, 12/09/2013 - 19:37 | Link to Comment Emergency Ward
Emergency Ward's picture

They have some more promising investments in alternative energy penny stocks.

Tue, 12/10/2013 - 02:27 | Link to Comment brettd
brettd's picture

From green shoots came

LEAFs!

Mon, 12/09/2013 - 18:55 | Link to Comment aubreyfarmer
aubreyfarmer's picture

Fed prints 85 billion per month and buys mortgage backed securities.  Fed stops printing 85 billion a month and market crashes.  The trillions in MBS's soon become non performing as Main Street is dragged down by Wall Street.  Who owns all of the real estate in the multi trillion dollar portfolios held by the Fed?  Will it be the government or the Fed that printed money from nothing.  Is this the biggest sand swindle in US history?  How is a nation sovereign when the currency of that nation is in the hands of a private bank?   Thomas Jefferson warned us about letting private banks control our currency?  Politicians are flying high while America walks a fine line of fail now or fail later.

Mon, 12/09/2013 - 20:54 | Link to Comment Neo
Neo's picture

Ownership requires one of two things:

 

1. Rule of law (backed by courts, a few guys with guns, and a population that respects it)

OR

2. Just guns and the manpower to fire those guns to protect the banker's interests in all that property

 

For now, they still have the pretense of #1, but in the near future it will require #2. This will entail feeding all those gunsligers and giving them a reason to do the bidding of the bankers when the dollar goes to ZERO.

Good luck with that. At the end of a game of Monopoly all the peices go back into the box.

It's only a matter of time. These are and have always been the real economic factors:

Demographics

Education

Work Ethic

Morality

They can spout all the numbers they want, in the end they dont mean squat. A country is made up of its people, if the majority of people become fat, dumb, lazy or entitled (or any combination thereof), no amount of accounting tricks is going to fix that.

I don't know maybe I'm full of shit and it is in fact possible to borrow forever as a population and a country and there be no consequences to it. But the fact is the FED would not have to be printing $85B a month if this were true, but its not. That they have been getting away with it only shows just how F*CKED we really are, there is no other game in town. There are no more "greater fools" to sell the debt to at reasonable rates.

 

 

Mon, 12/09/2013 - 23:56 | Link to Comment Borrow Owl
Borrow Owl's picture

if the majority of people become fat, dumb, lazy and entitled..

FIFY..

Tue, 12/10/2013 - 11:27 | Link to Comment carguym14
carguym14's picture

If??

Tue, 12/10/2013 - 02:30 | Link to Comment brettd
brettd's picture

Jefferson lost out to 

the Hamilton/Washington "big government" team.

It's been going on for centuries, friend.

Heil Obama. (boot-heel click for affect....)

Mon, 12/09/2013 - 19:01 | Link to Comment Spankrupt
Spankrupt's picture

Well, at least the government gets 3 year deferred tax writeoff on the 10b. Wait, they will have a gain because of the losses that never happened! Oh shit the P+L is all fucked up. Someone call Lois Lerner, she can equivocate for a spell on this mess in front of the financial ways and means committee. There should be plenty more deferred tax "assets" to writeoff soon enough for the largest NFP - the U.S.

Mon, 12/09/2013 - 19:03 | Link to Comment steelhead23
steelhead23's picture

I see a deluge of downarrows in my future, but I think Lew is partly right.  Partly.  The analogy to Ackman and Herbalife simply isn't a good one.  Had GM gone the way of the dodo bird, the U.S. Government would have felt the pinch.  First it would crush the Pension Guarantee Corp., it would reduce wages and thus both income and SS taxes, and there would be food stamps and unemployment bennies to pay as well.  I have no interest in doing the math, and have no idea whether these losses to the gov would exceed $10 billion or not - I'm simply saying that with the various institutions as they are, bailing out GM might very well have saved the gov some money.  But there is no mitigating the bad things the bailout did.  It prevented any restructuring of the company, including reducing labor costs.  It flat screwed bondholders, making a mockery of bankruptcy law, etc., etc.  Ackman on the other hand, could have washed his hands of Herbalife much sooner, to the great benefit of his bottom line.

Mon, 12/09/2013 - 20:58 | Link to Comment Big Johnson
Big Johnson's picture

Noone needs bailed out.. Free speech and free markets is pretty much all we need. Let the bad businesses fail.

Tue, 12/10/2013 - 08:16 | Link to Comment RKDS
RKDS's picture

Yeah that's all well and good until you bail out the banks.  Then what's your argument for _not_ bailing somebody else out?

Don't think it's unnoticed that most of this "concern" expressed by "serious" people only seemed to appear after the pigs on Wall Street got what they wanted.

Tue, 12/10/2013 - 02:35 | Link to Comment brettd
brettd's picture

Let it burn.

Strangely, you're among optimists here:

What you see as ash....

We see as fertilizer!

 

Mon, 12/09/2013 - 19:06 | Link to Comment MrSteve
MrSteve's picture

So can I claim the (A) whole $10.5 billion as a tax-loss carryforward or do I have to (B) split it with every other tax PAYER?? I do like option A since I have zero hedge....

Mon, 12/09/2013 - 19:25 | Link to Comment grunk
grunk's picture

I never did understand accounting.

Mon, 12/09/2013 - 19:47 | Link to Comment Joebloinvestor
Joebloinvestor's picture

Cheapest votes the Obama administration never had to pay for.

Mon, 12/09/2013 - 19:56 | Link to Comment Colonel Klink
Colonel Klink's picture

1984 has never been more real.  Loss is gain!

Mon, 12/09/2013 - 20:30 | Link to Comment lakecity55
lakecity55's picture

...and gain is Loss!!

 

Mon, 12/09/2013 - 20:13 | Link to Comment Kelley
Kelley's picture

Obama probably got two million union votes from their illegal takeover of GM.

It cost the taxpayers $10.5 billion, or more than $5,000 a union member vote.

Soros didn't pay the $10.5 billion, the taxpayer did. IOW, we financed Obama's reelection.

Mon, 12/09/2013 - 20:24 | Link to Comment TalkToLind
TalkToLind's picture

And which "investors" bought those GM shares?  I know the answer.  

Mon, 12/09/2013 - 20:24 | Link to Comment Bunga Bunga
Bunga Bunga's picture

Don't worry, government will recoup that money with higher taxes.

Mon, 12/09/2013 - 20:26 | Link to Comment lakecity55
lakecity55's picture

.........and the bullshit continues to rain down.......

Mon, 12/09/2013 - 20:56 | Link to Comment benb
benb's picture

Is the $10.5 billion loss in addition to the $21 billion the Global Gangster installed puppet administration already paid out with taxpayer money to relocate Cadillac and Volt plants mostly to China but also to Brazil and Eastern Europe? I think so. Once again All Media Is Propaganda.

 

Tue, 12/10/2013 - 02:37 | Link to Comment brettd
brettd's picture

Si, Senior!

But you're either at the table,

or on the menu.

Mon, 12/09/2013 - 21:14 | Link to Comment lcs
lcs's picture

The entire $400 B+ TARP program showed a profit of $10.9 B, GM was just one item in the portfolio.  Like all portfolios, you have winners and losers.

Mon, 12/09/2013 - 22:04 | Link to Comment Constitutional ...
Constitutional Republic's picture

Nearer $12BN, minimum.

Mon, 12/09/2013 - 22:29 | Link to Comment Duude
Duude's picture

That $10B loss is a gross understatement. Additionally, taxpayers are losing tens of billions in unpaid taxes. As most understand GM did go through bankruptcy and with bankruptcy they were able to reduce their debt tremendously. But with every other business bankruptcy before GM and since, the IRS always takes away tax loss carry-forwards. Tax loss carry-forwards can be carried forward into more profitable years to right off dollar for dollar against profits to reduce federal taxation. Tax loss carry-forwards are very much like an asset to be spent later.  Every business is entitled to right off business losses except when a corporation files for bankruptcy to which the Feds always eliminate those tax loss carry-forwards to every other firm , but GM. GM had tens of billions in losses all of which they retained.  So essentially, taxpayers are tens of billions more in tax revenue to GM. 

Tue, 12/10/2013 - 02:54 | Link to Comment brettd
brettd's picture

Duude:

You clearly know the law...At least as it's written.

But the law means nothing with this BHO/Holder DOJ in charge.

In a "crisis" they can get "waivers" or "bypasses" or "exemptions...."

Accounting means even less to these cats.

We are living in a "quiet" anarchy/facism.  

Heil Holder.

Heil Obama.

 

Mon, 12/09/2013 - 22:30 | Link to Comment nakki
nakki's picture

This old news and why GM is making all-time highs don't worry about selling cars to all the part time workers (since the well off don't buy GM'S) but the government is out. The more I look at this market the more I have to laugh (and get run over) but what the hell. Ford on the other hand hasn't been fairing as well. 

Tue, 12/10/2013 - 00:10 | Link to Comment ToNYC
ToNYC's picture

We can't wait to hear how much Bill Ackman made or saved on his Herbalife investment...

zerohedge @zerohedge

Ackman lost a ton on HLF, but because the company didn't liquidate he made or saved thousands of Herbalife jobs.

1:41 PM - 9 Dec 2013

 

@zh

 

herbalife is not a job; it's a beggar-thy-neighbor transfer scheme for people who bring no edge to business but annoying kind and dumber people. Grow up.

 

BTW where's the zh headline tomorrow?

 Headline here for NY Post ( as if NY News):
"Christie to Ft. Lee:
Better get a shipload of dimes"

Tue, 12/10/2013 - 00:13 | Link to Comment dunce
dunce's picture

I will do my part by never buying another Gm car or truck.

Tue, 12/10/2013 - 00:39 | Link to Comment Downtoolong
Downtoolong's picture

"Debra Maranger Menk wrote that the value of the bailouts can’t be considered just by what the taxpayers will lose in the sale of GM’s stock."

They forgot to mention that the Volt really is a huge success and rape really is a learning experience.

I don’t know what’s worse, the fact that we all paid for this bailout, or that we paid for a report to tell us how good it was for us.

Tue, 12/10/2013 - 02:45 | Link to Comment brettd
brettd's picture

Mercy me.

"...rape... is a learning experience."

That's a phrase with some bite.

 

Tue, 12/10/2013 - 15:12 | Link to Comment Vin
Vin's picture

What a load of crap.  Gee, I wonder if they're going to pay back the bondholders whose money they stole and gave to the auto unions? 

Wed, 12/11/2013 - 01:48 | Link to Comment RTUT
RTUT's picture

Ask John, Iran having Nukes makes the U.S. safer, Kerry.  He has the answer.

Wed, 12/11/2013 - 01:46 | Link to Comment RTUT
RTUT's picture

Am I wrong?  I thought Stock holders got ten cents on the dollar, obama fires CEO, gives controling stock to the union,  No change in what has broken the company, union contracts, GM does not pay back loans or gets to pay back at 10 cents on the dollar.  Is that what they call a step in the right direction, tax payers forced to make payments on a GM car they will never get?

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