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(The Detroit_News)   Romney pledges as president to dump GM stock to lose $16 billion for taxpayers so he can declare Obama's Detroit bailout a failure... even though he says it was his plan in the first place   (detroitnews.com) divider line 63
    More: Stupid, obama, detroit bailout, inventory  
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1157 clicks; posted to Politics » on 05 Jun 2012 at 10:39 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-05 01:59:11 AM  
"If they needed help coming out of bankruptcy and government support, that was fine, but I was not in favor of the government writing billions of dollars in checks prior to them going into bankruptcy," he said.


Who else was going to do the financing, dipsh*t? There was no private firm willing to offer DIP financing. Hello? Wasn't finance the field you dominated?

So, I know you know how the financing works. You're just lying to the rubes to get their vote. Wow. You're so cool.
 
2012-06-05 02:02:17 AM  
I'm impressed that he can enter Quantum Political Superposition in such a short time...
 
2012-06-05 02:05:33 AM  
FTA: "No one will forget that Mitt Romney urged letting Detroit go bankrupt. No one will forget that Romney stabbed his home state in the back in our hour of need.

"And his trickle-down, laissez-faire approach to the economy would take us right back to those dark days."
 
2012-06-05 02:19:00 AM  
I don't know why he wouldn't want to keep that 26% stake. He could run it into the ground and sell off the pieces.

I seriously believe he wanted the auto industry to go bankrupt so the union, and the pension obligation, could get broken.
 
2012-06-05 05:28:24 AM  
Well, he's furious it didn't fail and put thousands more Americans out of work, so dammit he's going to fix that. The only good American is an unemployed one dammit, that way companies like Bain can work even cheaper.
 
2012-06-05 06:58:53 AM  
What an asshole this guy is...
 
2012-06-05 08:44:01 AM  
I'd love to know which private firm he thought would have ponied up the DIP financing to make it work, since you have to have a financing plan in place before going through a structured bankruptcy of any kind. (afaik)

But sure, sell out now! I'm sure the taxpayer won't mind a needless $16B loss.
 
2012-06-05 08:54:34 AM  
I'm amazed the man can keep a straight face

/must be botox
 
2012-06-05 08:58:13 AM  

Grand_Moff_Joseph: I'd love to know which private firm he thought would have ponied up the DIP financing to make it work, since you have to have a financing plan in place before going through a structured bankruptcy of any kind. (afaik)

But sure, sell out now! I'm sure the taxpayer won't mind a needless $16B loss.


Particularly a Chapter 11. 7, not so much. 13, you just take whatever income you have and give it to the Trustee, businesses can't file 13 though. This is not applicable in an 11; in a chapter 11 you devise a plan to treat specific creditors in a specific way and if you can't finance that plan then you're SOL and you will pretty much be force converted to Chapter 7.
 
2012-06-05 09:21:17 AM  
THERE WAS NO GOD-DAMNED PRIVATE FINANCING AVAILABLE IN 2008, YOU LYING ASSHOLE.

/whew.
//sorry about that
///i feel better now
 
2012-06-05 10:03:26 AM  
I'm more impressed with his stand against fuel efficient vehicles. Apparently Americans like paying more for gas.
 
2012-06-05 10:21:21 AM  
I thought he took credit for the success of the auto industry?
 
2012-06-05 10:24:19 AM  
Sorry Mitt, you already took credit for it. No take-backs.
 
2012-06-05 10:42:19 AM  
I will go ahead and take this opportunity to take credit for the Moon Landing.

One small step for ME ME MEEE
 
2012-06-05 10:44:07 AM  
If you tried to dump 26% of GM onto the market you'd probably lose a lot more than $16B too.
 
2012-06-05 10:44:50 AM  
Mitt Romney is happy to take credit for the automotive bailout. He's so happy, in fact, that one of his first acts as president will be to throw away $16 billion of taxpayer money and destroy the success of his own automotive bailout.

This plan seems...bad.
 
2012-06-05 10:45:07 AM  
The debates will be fun.
 
2012-06-05 10:45:09 AM  

Epoch_Zero: I will go ahead and take this opportunity to take credit for the Moon Landing.



You're too late .... Joe Biden already did that.
 
2012-06-05 10:45:56 AM  

Mentat: I'm more impressed with his stand against fuel efficient vehicles. Apparently Americans like paying more for gas.


It is mind-boggling how out of touch this guy is. Americans don't want to buy fuel-efficient vehicles? Then why do I see more hybrids on the road every day?
 
2012-06-05 10:48:58 AM  

hubiestubert: I'm impressed that he can enter Quantum Political Superposition in such a short time...

Theorizing that one could flip flop within his own lifetime, Willard Mitt Romney stepped into the Quantum Political Superposition and vanished. He awoke to find himself trapped in the past, facing mirror images that were his own, and driven by an unknown force to change history for the political expediency. His only guide on this journey is Al, an observer from his own time, who appears in the form of a hologram that only Mitt can see and hear. And so, Mitt Romney finds himself leaping from lie to lie, striving to put wrong what once went right, and hoping each time that his next leap will be the leap home.

 
2012-06-05 10:50:02 AM  
Can we please start using the 'dumbass' tag every time there's an article submitted about this dumbass?
 
2012-06-05 10:50:10 AM  
"he'd review pending rules that will require automakers to almost double fuel efficiency requirements by 2025"

Anyone else notice this? Whar "self-sufficiency"?
 
2012-06-05 10:54:39 AM  
No worries. Romney will set up a complex derivatives scheme to bet against the stock before he dumps it.

Factories may close and jobs may be lost, but Romney and the other investors will make a killing. He'll also help our foreign relations by parking the profits in a tax shelter overseas.
 
2012-06-05 11:06:40 AM  

hubiestubert: I'm impressed that he can enter Quantum Political Superposition in such a short time...


Spin up, or spin down, it's all the same to the spin masters.
 
2012-06-05 11:07:38 AM  

Grand_Moff_Joseph: I'd love to know which private firm he thought would have ponied up the DIP financing to make it work, since you have to have a financing plan in place before going through a structured bankruptcy of any kind. (afaik)

But sure, sell out now! I'm sure the taxpayer won't mind a needless $16B loss.


True. The largest ever DIP financing prior to Chrysler and GM was for $8B for Lyondell Chemical. That's not even close to the $62B GM and Chrysler combined required. It would never have been possible to raise that kind of cash through the capital markets.

In addition, the traditional gain/loss calculation on investment does not apply directly to the government which unlike any other investor has to take the potential loss of tax receipts into consideration. Once you adjust for that the auto bailout was actually a decent deal for the gov't.
 
2012-06-05 11:10:08 AM  
This position is such a muddled mess that it's really inconsequential.
 
2012-06-05 11:11:43 AM  
I am confused , is he for the auto bailout or against it. Or is he that damn Schroedingers cat.
 
2012-06-05 11:13:21 AM  

FooDog: Grand_Moff_Joseph: I'd love to know which private firm he thought would have ponied up the DIP financing to make it work, since you have to have a financing plan in place before going through a structured bankruptcy of any kind. (afaik)

But sure, sell out now! I'm sure the taxpayer won't mind a needless $16B loss.

True. The largest ever DIP financing prior to Chrysler and GM was for $8B for Lyondell Chemical. That's not even close to the $62B GM and Chrysler combined required. It would never have been possible to raise that kind of cash through the capital markets.

In addition, the traditional gain/loss calculation on investment does not apply directly to the government which unlike any other investor has to take the potential loss of tax receipts into consideration. Once you adjust for that the auto bailout was actually a decent deal for the gov't.


Bingo. This is what nobody every talks about. People rant on about ZOMG 16 BILLION $$ LOSS!!! But no one stops to think about how much tax revenue would have been lost if Chrysler, GM, their dealerships and many of their suppliers had disappeared. Between the company taxes and personal income taxes of each employee (and not even taking the economic hit that would have happened), I bet it's a LOT more than 16B in just one year.
 
2012-06-05 11:14:42 AM  

HMS_Blinkin: FooDog: Grand_Moff_Joseph: I'd love to know which private firm he thought would have ponied up the DIP financing to make it work, since you have to have a financing plan in place before going through a structured bankruptcy of any kind. (afaik)

But sure, sell out now! I'm sure the taxpayer won't mind a needless $16B loss.

True. The largest ever DIP financing prior to Chrysler and GM was for $8B for Lyondell Chemical. That's not even close to the $62B GM and Chrysler combined required. It would never have been possible to raise that kind of cash through the capital markets.

In addition, the traditional gain/loss calculation on investment does not apply directly to the government which unlike any other investor has to take the potential loss of tax receipts into consideration. Once you adjust for that the auto bailout was actually a decent deal for the gov't.

Bingo. This is what nobody every talks about. People rant on about ZOMG 16 BILLION $$ LOSS!!! But no one stops to think about how much tax revenue would have been lost if Chrysler, GM, their dealerships and many of their suppliers had disappeared. Between the company taxes and personal income taxes of each employee (and not even taking the economic hit that would have happened), I bet it's a LOT more than 16B in just one year.


Plus the added spending for all those people now on unemployment, the assumption of the pensions by the PBGC...
 
2012-06-05 11:17:57 AM  

Grand_Moff_Joseph: I'd love to know which private firm he thought would have ponied up the DIP financing to make it work, since you have to have a financing plan in place before going through a structured bankruptcy of any kind. (afaik)

But sure, sell out now! I'm sure the taxpayer won't mind a needless $16B loss.


He's even more of a fool. If the market knows that the government is going to sell right after Romney takes office, they will short GM to death. The government will be selling into a plunging market.
That's a simplified version of what happened with JP Morgan recently, market insiders found out JPM's positions and leaned on them, making the value of their holdings plunge.
 
2012-06-05 11:18:19 AM  

HMS_Blinkin: FooDog:
Bingo. This is what nobody every talks about. People rant on about ZOMG 16 BILLION $$ LOSS!!! But no one stops to think about how much tax revenue would have been lost if Chrysler, GM, their dealerships and many of their suppliers had disappeared. Between the company taxes and personal income taxes of each employee (and not even taking the economic hit that would have happened), I bet it's a LOT more than 16B in just one year.


Double Bingo: You also need to take into account the cost of pensions dumped on the Pension Benefit Guarantee Corp. The Unemployment Insurance. The Medicaid costs. etc.
 
2012-06-05 11:20:28 AM  

HMS_Blinkin: FooDog: Grand_Moff_Joseph: I'd love to know which private firm he thought would have ponied up the DIP financing to make it work, since you have to have a financing plan in place before going through a structured bankruptcy of any kind. (afaik)

But sure, sell out now! I'm sure the taxpayer won't mind a needless $16B loss.

True. The largest ever DIP financing prior to Chrysler and GM was for $8B for Lyondell Chemical. That's not even close to the $62B GM and Chrysler combined required. It would never have been possible to raise that kind of cash through the capital markets.

In addition, the traditional gain/loss calculation on investment does not apply directly to the government which unlike any other investor has to take the potential loss of tax receipts into consideration. Once you adjust for that the auto bailout was actually a decent deal for the gov't.

Bingo. This is what nobody every talks about. People rant on about ZOMG 16 BILLION $$ LOSS!!! But no one stops to think about how much tax revenue would have been lost if Chrysler, GM, their dealerships and many of their suppliers had disappeared. Between the company taxes and personal income taxes of each employee (and not even taking the economic hit that would have happened), I bet it's a LOT more than 16B in just one year.


Also take into account the transfer payments in the form of unemployment, Medicaid, retraining funds, etc. that would have been received by the displaced workers.
 
2012-06-05 11:21:34 AM  
I've got it!

Romney isn't just any old android. He's got a quantum computer in there!

pubs.acs.org
 
2012-06-05 11:29:42 AM  
I have not met ONE Republican who is supporting Romney because they think his policies and ideas are sound. The ONLY reason they support him is because he's "NOT OBAMA!"

Our country is so f*cked if he wins...seriously.
 
2012-06-05 11:29:49 AM  

L Buff: Epoch_Zero: I will go ahead and take this opportunity to take credit for the Moon Landing.



You're too late .... Joe Biden already did that.


Except with Biden it was probably true.
 
2012-06-05 11:44:56 AM  
Mittens, if you win the presidency, just roll on. Claim victory and roll on. Don't roll back shiat that's worked. At *least* co-opt credit for it.

Sheesh.
 
2012-06-05 11:45:26 AM  
So this is the practical expression of Romney's superiority over Obama?

This is "running the government like a business"?

This is how the conservative elite envisions our government?

Sweet Jesus, we're farked.
 
2012-06-05 11:48:18 AM  

spcMike: hubiestubert: I'm impressed that he can enter Quantum Political Superposition in such a short time...

Theorizing that one could flip flop within his own lifetime, Willard Mitt Romney stepped into the Quantum Political Superposition and vanished. He awoke to find himself trapped in the past, facing mirror images that were his own, and driven by an unknown force to change history for the political expediency. His only guide on this journey is Al, an observer from his own time, who appears in the form of a hologram that only Mitt can see and hear. And so, Mitt Romney finds himself leaping from lie to lie, striving to put wrong what once went right, and hoping each time that his next leap will be the leap home.


+eleventy
 
2012-06-05 11:51:50 AM  

zappaisfrank: I have not met ONE Republican who is supporting Romney because they think his policies and ideas are sound. The ONLY reason they support him is because he's "NOT OBAMA!"

Our country is so f*cked if he wins...seriously.


If history is any guide, supporting a candidate for the sole reason of him being "not the incumbent" doesn't work out to well for that candidate.

It's a different scenario when there is no incumbent but the last guy screwed up pretty badly.

Obama just hasn't screwed up that badly(except maybe expecting Republicans to work with him), despite all the FUD and lies being spread.
 
2012-06-05 11:52:59 AM  

Job Creator: HMS_Blinkin: FooDog: Grand_Moff_Joseph: I'd love to know which private firm he thought would have ponied up the DIP financing to make it work, since you have to have a financing plan in place before going through a structured bankruptcy of any kind. (afaik)

But sure, sell out now! I'm sure the taxpayer won't mind a needless $16B loss.

True. The largest ever DIP financing prior to Chrysler and GM was for $8B for Lyondell Chemical. That's not even close to the $62B GM and Chrysler combined required. It would never have been possible to raise that kind of cash through the capital markets.

In addition, the traditional gain/loss calculation on investment does not apply directly to the government which unlike any other investor has to take the potential loss of tax receipts into consideration. Once you adjust for that the auto bailout was actually a decent deal for the gov't.

Bingo. This is what nobody every talks about. People rant on about ZOMG 16 BILLION $$ LOSS!!! But no one stops to think about how much tax revenue would have been lost if Chrysler, GM, their dealerships and many of their suppliers had disappeared. Between the company taxes and personal income taxes of each employee (and not even taking the economic hit that would have happened), I bet it's a LOT more than 16B in just one year.

Also take into account the transfer payments in the form of unemployment, Medicaid, retraining funds, etc. that would have been received by the displaced workers.


But then the PBGC, Medicaid, and unemployment will be in such terrible shape that Very Serious People will be able to talk about eliminating these programs to solve the debt crisis.
 
2012-06-05 11:56:13 AM  
If there is one thing I know, it's that selling off a very large portion of a huge company all at once is ALWAYS a good idea and the market always responds by sending share prices sky high!
 
2012-06-05 12:03:14 PM  

Stile4aly:
But then the PBGC, Medicaid, and unemployment will be in such terrible shape that Very Serious People will be able to talk about eliminating these programs to solve the debt crisis.


And as they say at Microsoft, that's a feature, not a bug.
 
2012-06-05 12:13:28 PM  

spcMike: hubiestubert: I'm impressed that he can enter Quantum Political Superposition in such a short time...

Theorizing that one could flip flop within his own lifetime, Willard Mitt Romney stepped into the Quantum Political Superposition and vanished. He awoke to find himself trapped in the past, facing mirror images that were his own, and driven by an unknown force to change history for the political expediency. His only guide on this journey is Al, an observer from his own time, who appears in the form of a hologram that only Mitt can see and hear. And so, Mitt Romney finds himself leaping from lie to lie, striving to put wrong what once went right, and hoping each time that his next leap will be the leap home.


Oh boy.
 
2012-06-05 12:16:15 PM  
Hmmm...

Romney said he'd seek "a better way of encouraging fuel economy" than corporate average fuel efficiency (CAFE) mileage requirements "as the sole or primary vehicle," he said

And as for electric vehicles, Romney said the government is attempting "to force a market to adopt a technology that people aren't interested in."


I seem to remember a certain industry lobbying for that for the past 20 years. And it wasn't the Beef Farmers Of America...
 
2012-06-05 12:21:32 PM  
Ah, the Baining of America.
 
2012-06-05 12:37:09 PM  

sdd2000: I am confused , is he for the auto bailout or against it. Or is he that damn Schroedingers cat.


He is for all the parts that succeeded and if you like it, he was the one who came up with the plan and deserves the credit for it, but if you didn't like it he was against it and believes it was a failure and was against it all along. How is that hard to understand?
 
2012-06-05 12:43:14 PM  
At this point, political ideology aside, I want Romney to lose just because it's beginning to seriously hurt my brain to read about him (can you sprain your brain?) and, hopefully, if he loses he'll fade into obscurity and with him, idiotic thoughts like this:

FTFA: "I would work with the manufacturers to find ways to encourage fuel economy on the part of the consumer. But trying to have the manufacturer push the product on the consumer - that the consumer doesn't want - is not the right approach."

If my car got 100 MPG I'd still want a more fuel efficient vehicle. I can't imagine there's anyone who pays for their own fuel and thinks to themselves, "I wish auto makers would stop trying to push fuel efficient vehicles on me. Why would I want to save money on fuel?"

/except maybe OPEC people
 
2012-06-05 12:47:28 PM  
What's the alternative? Holding on to the stock and wishing really really hard that the price rises and we can sell without taking a multibillion dollar taxpayer loss?

How much of our GM stock have we sold?
 
2012-06-05 01:25:56 PM  
Sorry subby, the GM bailout was deemed a failure long ago.
 
2012-06-05 01:32:21 PM  

geek_mars: At this point, political ideology aside, I want Romney to lose just because it's beginning to seriously hurt my brain to read about him (can you sprain your brain?) and, hopefully, if he loses he'll fade into obscurity and with him, idiotic thoughts like this:

FTFA: "I would work with the manufacturers to find ways to encourage fuel economy on the part of the consumer. But trying to have the manufacturer push the product on the consumer - that the consumer doesn't want - is not the right approach."

If my car got 100 MPG I'd still want a more fuel efficient vehicle. I can't imagine there's anyone who pays for their own fuel and thinks to themselves, "I wish auto makers would stop trying to push fuel efficient vehicles on me. Why would I want to save money on fuel?"

/except maybe OPEC people


He must have some gliches in his IDLP (Intuitive Deduction Logic Package). I think they are running simulations on the twin unit right now.
 
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