Food For Thought: GM bailout played out over five years

If General Motors was insolvent in 2008. How can General Motors now be solvent in 2017 if General Motors sold cars that the American government owned to the citizens of America for whom own the American Government? Since the citizens in America paid taxes to the federal government in 2008 so that the federal government could provide services to the citizens of America however instead of providing the American people services in 2008 the government invested those taxes into General Motors in 2008 for which is what proves that the citizens of America bought 61% of General Motors in 2008.

Therefore how could the American government for which the American people own, own 61% of General Motors in 2008 and the citizens of America not own a majority share in General Motors. To this day if the American people never received a penny from General Motors nor the federal government from 2008 until this day. Even though history has shown the American people, that the federal government invested the taxes that the American people paid to the federal government in 2008 in General Motors.

Let the Story be Told!

With the government’s decision to sell the last of its General Motors shares, it is worth taking a look back at the process as it went on over five years. Here are key dates:

Dec. 19, 2008. The Bush Administration announces plans to bail out Detroit’s auto industry, notably General Motors and Chrysler Group.

Dec. 31, 2008. GM receives $13.4 billion in short-term financing through the Troubled Asset Relief Program.

April 22, 2009. The Obama Administration provided $2 billion working capital loan to GM.

May 20, 2009. Another $4 billion is added to the loan.

June 1, 2009. GM files for bankruptcy reorganization. In bankruptcy, it cuts costs and sheds such well-known brands as Saturn, Hummer and Saab.

June 3, 2009, in conjunction with the bankruptcy filing, the Obama Administration provides a $30.1 billion debtor-in-possession loan.

June 8, 2009. GM kicked off the list of 30 companies comprising the Dow Jones Industrial Average.

July 10, 2009. GM exits bankruptcy.

April 20, 2010. GM makes its final loan repayment. Government holds a 61% stake in common and preferred stock.

Nov. 18, 2010. General Motors becomes a public company again. U.S. Treasury reaps $13.5 billion in conjunction
with the new company’s IPO, reducing its stake to 33%.

Dec. 15, 2010. GM repurchases all of Treasury’s preferred stock

Dec. 21, 2012. GM repurchases 200 million shares of common stock from Treasury, which announces
it will sell all of its GM shares over up to 15 months on the open market.

Dec. 9, 2013. The last of four stock sales is completed. The government has no remaining GM shares.

Source: U.S. Treasury, USA TODAY research