Obama says that GM is ‘doing swell’ and bouncing back.
GM Stock Hits New Lows, Company in Turmoil
Remember that vaunted General Motors recovery ushered in by President Obama’s bold bailout program?
In June 2009, GM filed for Obama-managed bankruptcy, costing the taxpayer some $50 billion. The vast majority of that cash was never paid back by GM. In November 2010, GM issued a new initial public offering at a price of $33 per share. Today, GM stock is trading at approximately $19.36, down about 40% from its initial price. [snip]
Have no fear, GM is making wise investments with your money; they’re buying advertising to sell more cars.
GM Invests $600 Million in English Soccer Team
Yes, General Motors really is giving $600 million to an English soccer club. Actually, as the team involved, Manchester United, is the most valuable team in sports, an investment in the club wouldn’t be a bad idea, considering how everything else is going at General Motors. No, the $600 million GM is giving to Man United over the next 7 years is a sponsorship deal. In return, Man United will wear “Chevrolet” on their jerseys and GM will be able to call itself Man United’s “global automobile partner.” It will immediately have the edge with all those consumers who look to their favorite soccer club for car buying advice. [snip]
OH, the PAIN, the pain
of an Obama bankruptcy.