President Obama, You Can’t Have Your Cake and Eat It Too!
Today President Obama announced billions more to be invested in GM (I own a GM SUV by the way) and the government would be taking a 60% ownership share in the company. He explained how this did not mean the government would be taking a role in running the company.
It appears President Obama is being a coward and hedging his bet. President Obama’s government will be the single largest voting right in the company. As the leading board member in the corporation they will be responsible for hiring and firing the right CEO, monitoring the CEO’s results, working with any internal auditors, and much more.
While he appologizes to us in his speech today for forcing us all to sacrifice for the “good of future generations”. He is apparently not wanting to be responsible for the results of GM. If GM flops five years from now and is a marginal car company that has not paid back the taxpayers of this country history will view Obama as an abject failure in regards to this policy.
The Democrats and Obama that support this action should own it. Obama and Democrats are responsible for the results of GM since they’ve forced me to invest in this company.
Today General Motors sits at $0.88 per share. Let’s see what type of ROI DEMOCRATS deliver.
Yahoo! Finance
Quote for GM
UPDATE (6/2/09):
The government is investing $50 billion into GM. Shares outstanding are 610 million. He says they are buying a 60% ownership in GM. Sixty percent of 610 million is 366 million shares. 366 million shares for $50 billion is $136.48 PER SHARE. Again today the stock is trading at 69 pennies.
I guess Obama thinks he can achieve a 19,799.39% return on his “investment” (read money stolen from tax payers) JUST TO BREAK EVEN. We’ll see. Those Obama supports should be buying up GM stock if they think Obama is telling the truth when he says, “5 years until the stock trades at $136.48 per share.”
UPDATE (6/3/2009): GM Stock is now traded over the pink sheets and has been delisted. Perhaps a year or so it will return to the stock market and we’ll see how it trades and how quickly democrats will get their “investement” (read money stolen from tax payers) back.
