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View Diary: Multiple UPDATES - GM's back, Jack, and saying "Thanks!" to US taxpayers (275 comments)

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  •  Nope, not even close. (0+ / 0-)

    I was mistaken in what their current ownership stake is, but you really aren't even close.  They entered into a manufacturing agreement with Fiat, and were owned by Mercedes before bought by Steve Feinberg who, along with his wife...

    are prolific donors to the Republican Party and related organizations.

    •  But Feinberg's company, (2+ / 0-)
      Recommended by:
      sephius1, Eclectablog

      Cerberus--not Carlisle, my bad--has lost its equity stake as part of the bailout agreement with Treasury. The manufacturing agreement with Fiat gives them a 20% stake in the company, with an option to increase that to 51%.

      Feinberg appears to have lost his ass on this deal.

      I did hear some mention of a Chrysler IPO on MSNBC just now. Apparently Chrysler/Fiat intends to offer stock in an IPO next year, an effort that will be complicated by the fact that Chrysler is still losing money.

      "A lie is not the other side of a story; it's just a lie."

      by happy camper on Thu Nov 18, 2010 at 03:11:37 PM PST

      [ Parent ]

      •  lost his ass or not (0+ / 0-)

        (I doubt he lost a damn and honest corporate accounting really isn't something anyone on this site should use to prop up their argument) he'd have a helluva lot less money to spend on Republicans if the American taxpayer didn't bail his ass out. Who owns what now or then doesn't get around that simple fact.

        •  The taxpayers didn't (1+ / 0-)
          Recommended by:

          bail him out. He lost his equity stake prior to the bailout. It was one of the conditions.

          "A lie is not the other side of a story; it's just a lie."

          by happy camper on Thu Nov 18, 2010 at 04:33:59 PM PST

          [ Parent ]

          •  he lost his equity stake (0+ / 0-)

            in exchange for getting rid of $2B in debt, and got the only profitable part of Chrysler, Chrysler Finance.

            Any guesses what he will do with Chrysler finance?  He will roll it into his 51% stake in GMAC.  Think GMAC might have benefited from the bailout?  Seems the stance that Feinberg is some fucking victim in this entire thing is falling further apart the more it is argued.

            I don't know why you are trying some finance flim flam job here and I don't know how people are trying to defend or deny that this is going on.  It's as obvious as the nose on your face.  Dan Quayle and John Snow and Feinberg got bailed out, whether directly or otherwise, by the US taxpayers, then turned around and dump tons of money into Republican coffers.  It's undeniable.  

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