Government to See $23 Billion Total Profit on AIG Bailout

By Rick Rothacker and Rachelle Younglai | December 11, 2012

  • December 11, 2012 at 11:44 am
    reality bites says:
    Hot debate. What do you think?
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    A welcome injection of both cash and good news. Nice to see ‘big government’ can come out ahead every once in a while.

    • December 11, 2012 at 1:42 pm
      reader says:
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      • December 11, 2012 at 2:02 pm
        Lucky says:
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        And there were others waiting in line to buy AIG stock at the time?

      • December 11, 2012 at 2:03 pm
        reality bites says:
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        Hey Woim – I didn’t use the phrase “bail-out”. Oops liar me – I just did. But thats what happens when you’re a blind follower; lots of bumps on my head.

        Now aren’t you feeling silly – assuming Silly is the name of your cat.

      • December 11, 2012 at 2:09 pm
        Center Point says:
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        Sounds like a bailout to me:

        http://online.wsj.com/article/SB122156561931242905.html

        The U.S. government seized control of American International Group Inc. AIG +5.40%– one of the world’s biggest insurers — in an $85 billion deal that signaled the intensity of its concerns about the danger a collapse could pose to the financial system.

        The step marks a dramatic turnabout for the federal government, which had been strongly resisting overtures from AIG for an emergency loan or some intervention that would prevent the insurer from falling into bankruptcy.

      • December 11, 2012 at 2:57 pm
        Dave says:
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        It most certainly was a bailout. Were it not for government intervention and the conversion of preferred stock (with a hefty dividend which was never paid) into common stock, there would no longer be an AIG.

    • December 12, 2012 at 12:12 pm
      CT Agent says:
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      This $23B is one payment to China…in one hand, out the other.

  • December 11, 2012 at 1:25 pm
    pete says:
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    • December 11, 2012 at 2:11 pm
      Center Point says:
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      Only if we can give money back to Goldman Sachs et al as well. I don’t think their bonuses were high enough to run the economy into the ground.

    • December 11, 2012 at 3:00 pm
      Dave says:
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      Hey, the government (we taxpayers) took the risk. Any reward should go to us. And the $23B profit comes nowheer near what we lost on GM, another risk foisted on the American Taxpayer. We all would be better off had AIG been allowed to fail.

      • December 26, 2012 at 4:15 pm
        Agent says:
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        Hey Dave, the government is going to sell their hundreds of millions of shares of GM for a net loss of $14 Billion to the taxpayers since the stock is in the tank. They are sure “roaring” back to life, aren’t they since they were put in the hands of union management.

  • December 11, 2012 at 1:37 pm
    Glassflower says:
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    so, where does this money go? Pay down our countrys debts or just disappears into thin air?

    • December 11, 2012 at 1:52 pm
      TxLady says:
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      I would very much like to see it go straight to the bottom line of paying down the debt, all 21 billion, but fully expect it to be treated as a windfall and spent as quickly as possible on pet projects. Battery plants and Solar panels.

  • December 11, 2012 at 1:39 pm
    FFA says:
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    Where is my share of the profits?

    • December 11, 2012 at 1:47 pm
      AJ says:
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      Sent to China to pay for green energy

      • December 11, 2012 at 2:09 pm
        Agent says:
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        The latest battery maker to fail was sold to the Chinese. How many have gone belly up in the past 3 years? All at our expense so we can continue to do the same thing over and over hoping for a different result. I agree with AJ that GM will do a number on us. Their stock has fallen steadily under the Union leadership. They are so desperate for business, they are offering sub prime loans to get people into their cars. Me thinks the repo men will be busy this next year.

    • December 11, 2012 at 2:07 pm
      Cheetoh Mulligan says:
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      You’ll see your share in reduced tax increases!

      • December 11, 2012 at 6:18 pm
        FFA says:
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        Reduced tax increases – good one.

        • December 26, 2012 at 4:28 pm
          Agent says:
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          Hey FFA, I hope your family emergency came out ok and you were able to enjoy the Christmas break. Your Bears won and my Cowboys lost. The boys still have a chance if they win Sunday, but they are having to play RG111 again so I look for them to be watching the other teams in the playoffs yet again. Brees made them look silly, passing for over 450 yds. Too many injuries on the defense and they cannot stop anyone.

    • December 12, 2012 at 12:59 pm
      Agent says:
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      About the same place your Stimulus was a couple of years ago. I wrote my Congressman and asked where my Stimulus was for my business. He chose not to reply. Who got stimulated on this non job boondoggle? Cities and some states got money and now they have blown through it without making any changes in operation and they are like Detroit and a number of other cities (mostly in Ca) that have gone belly up or contemplating it.

  • December 11, 2012 at 1:41 pm
    AJ says:
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    “Big government come out ahead” hmmmm. We got lucky. GM will screw us bad, mainly because of the unions.

  • December 11, 2012 at 1:44 pm
    Bill says:
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    23 Billion I doubt? Creative math by the Feds is nothing new!

    If true, THANK YOU GEORGE BUSH FOR TARP! —-IJ Obama had nothing to do with it! Lets see how Obama’s GM works out for the Tax Payers?

    • December 11, 2012 at 1:49 pm
      Cheetoh Mulligan says:
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  • December 11, 2012 at 1:48 pm
    Sue Me Too says:
    Hot debate. What do you think?
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    Let’s make sure the Socialist-in-Chief has his nose rubbed in this news. Isn’t it funny how a viable evil capitalist corporation can right itself after being given a helping hand past a rough spot? How are those federal investments in “Green Energy” companies working out for the taxpayers? Oh, I forgot, those weren’t loans, they were gifts.

    • December 11, 2012 at 2:16 pm
      Center Point says:
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      Helping hand? Their lack of financial and underwriting oversight helped drive the economy into the ground for years for the worst recession since the Great Depression.

      Helping hand? Sounds like the welfare that you are dead set against.

      • December 11, 2012 at 3:07 pm
        Libby says:
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        • December 11, 2012 at 3:36 pm
          Agent says:
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          Libby, are you a cousin or sister of Planet?

          • December 11, 2012 at 3:37 pm
            Libby says:
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          • December 11, 2012 at 3:38 pm
            Cheetoh Mulligan says:
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            Judging from some of his/her comments, I would guess both.

          • December 11, 2012 at 3:43 pm
            Libby says:
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            My mom taught me if you can’t say anything nice, don’t say anything at all. I guess you were raised by a Cheez Puff, so we shouldn’t expect much from you. You do not disappoint.

          • December 11, 2012 at 3:47 pm
            Cheetoh Mulligan says:
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            So now you are defying your mother/aunt with the Cheez Puff reference?

          • December 11, 2012 at 3:48 pm
            Libby says:
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            Ha! Yeah, my mother/aunt.

      • December 12, 2012 at 12:16 pm
        CT Agent says:
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        Libby–should I copy/paste some of the comments that you’ve made to me so that you can show them to your mother? I’m sure she’d be pleased.

        • December 12, 2012 at 1:51 pm
          Libby says:
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          As would yours, I’m sure.

          • December 12, 2012 at 3:40 pm
            CT Agent says:
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            My mom has always taught me to stand up for myself and to speak my mind. I don’t believe that in my *3 years (I won’t let anyone here know that first number–suffice it to say, it isn’t a 2…or a 6 for that matter!) She is 100% Sicilian and won’t take crap from me or anyone else. I am very lucky to be my age to still have my mom–I feel confident in knowing that if I were to print out all posts and highlight your comments to me and my responses to you and let her read them, she would agree with me when I say I was standing up for myself and not doing anything but that. So yes, my mom would be very proud of her 50% Sicilian daughter!

          • December 12, 2012 at 3:45 pm
            CT Agent says:
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            **Correction to above post: “I don’t believe that in my *3 years (I won’t let anyone here know that first number–suffice it to say, it isn’t a 2…or a 6 for that matter!) **that I’ve ever let her down.

          • December 12, 2012 at 3:46 pm
            Libby says:
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            Well, I don’t know that my Mom would be proud of some of the comments I’ve made. Both she and my Dad taught me to stand up for myself, but they would like me to do it in a ladylike manner. I do not always do that. I venture to say, our politics aside, you and I may be more alike than not.

          • December 12, 2012 at 4:26 pm
            CT Agent says:
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            Touche, Libby. There is ALWAYS common ground…thanks for not asking me what that first number is.. :-)

          • December 12, 2012 at 4:52 pm
            Al E. Gator says:
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            HEY CT Agent – how old y’all? Ya got me intrigued. Remember he / she who hesitates gets chomped.

          • December 12, 2012 at 5:24 pm
            Agent says:
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            CT, If I remember my dialogue from the movie “Prizzi’s Honor”, they said there is one thing you really can’t do and that is to rip off a Sicilian on money. They will find you and you will be found with a new hole in your head. I don’t know about the modern Sicilians, but I don’t want the wrath of one to be on the safe side.

          • December 13, 2012 at 1:51 pm
            CT Agent says:
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            Let’s put it this way, Agent…my mom is definitely not a ‘modern’ Sicilian…she is 79, born and raised in the Bronx–the Bronx when it wasn’t a city like it is now. She remembers fields, cows, goats..catching frogs with her brother where Co-op City is now. She is definitely old-school Sicilian. She grew up with a lot of people who’s names were in the news years ago (and not for good reasons, unfortunately–but she swears they were “all such good boys!!) And, MAN can she make gravy!!! (We don’t dare call it sauce…LOL!!)

          • December 13, 2012 at 1:54 pm
            CT Agent says:
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            Libby…I have to say that I have read your post several times, and have thumbs up’d you each time…rare, I know…but the post is worth every one of them. Thank you, and for Christmas’s sake, I will back off…until 1/2/2013. :-)

          • December 13, 2012 at 1:55 pm
            CT Agent says:
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            And, Al E Gator…If I told you my age, I’d have to sic my mom on you…LOL!!!

          • December 13, 2012 at 2:06 pm
            Al E. Gator says:
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            CTA – y’all almost had me there – but if’n I wuz you, and to throw me WAY off my swamp, y’all shoulda said you wuz gonna sic Great Granny on me! That woulda had me thinkin you wuz (a low number)3…

          • December 13, 2012 at 2:37 pm
            CT Agent says:
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            Here’s a hint, Al E. Gator. My mom is 79. I was born when she was 26…not git yer toes outta dem dere boots so you can start countin!!

          • December 14, 2012 at 9:08 am
            Libby says:
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            Fair enough, CT. Happy holidays.

          • December 14, 2012 at 10:40 am
            Al E. Gator says:
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            Woo wee CTA! Countin’ the rings on my scales, we’ze contempo-rarees!

          • December 14, 2012 at 10:45 am
            Libby says:
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            I guess we’re all a bunch of old farts on this website. LOL!

          • December 14, 2012 at 1:39 pm
            CT Agent says:
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            Thank you, Libby..the Happiest of Holidays to you, as well.

            My Christmas Spirit however, has been destroyed by an elementary school shooting this morning, in the quaint little town in CT where I grew up. It is devastating and I know that this isn’t the forum for this, but I apologize to you for all of the bad and insulting things I’ve ever said to you, Libby. It is not my persona for me to have been like that–and I hope that you will accept my apology.

          • December 14, 2012 at 1:43 pm
            Libby says:
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            Absolutely, CT. As I hope you do mine. I understand what you are going through, as Columbine was a few blocks from my house and I had many friends who had kids there that day. It is especially sad when things like that happen to kids.

            When you put it all into perspective, IJ really isn’t important enough for vitriole and hate. :-) on the “vitriole”!

          • December 17, 2012 at 10:31 am
            Libby says:
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            CT – I thought about you all weekend. I wish you and your entire community strength and faith at this horribly terrible time and you are all in my prayers.

          • December 17, 2012 at 10:43 am
            CT Agent says:
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            Thank you, Libby…and, I really did think of you this weekend, as well. It’s horrible, but now I understand how you felt, and most likely still feel, after Columbine. I cannot bring myself to outwardly talk about this horrific thing…I cannot bring myself to go to the town that I went to several times a week to see friends, enjoy the beauty of the town, to shop in the little stores, but I know that I will have to do that for the ‘first’ time. I may have a different address now, but my heart and my home has always been Newtown, CT. Thank you for your kind thoughts and words, Libby and if it were at all possible, I would truly give you a hug. We may not have started out on the right foot, but I feel like that has changed, too….only, for the better. Happy Holidays to you and yours

          • December 17, 2012 at 10:54 am
            Libby says:
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            I was thinking the same thing, CT, but didn’t want to be too corny. I’m giving you a mental hug all the way from PA. Your friends and community will need you during this holiday more than ever. Stay strong and know the entire Country is behind you. Have a blessed holiday season.

          • December 17, 2012 at 5:52 pm
            FFA says:
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            CT Glad to know your out of harms way.
            Libby by Columbine, you right there, I had family at NIU. Getting nuts! Too many people know that pain.

  • December 11, 2012 at 11:25 pm
    PeteA says:
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    • December 12, 2012 at 8:35 am
      Dave says:
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      Since you repeated your post, let me repeat mine:

      Hey, the government (we taxpayers) took the risk. Any reward should go to us. And the $23B profit comes nowhere near what we lost on GM, another risk foisted on the American Taxpayer. We all would be better off had AIG been allowed to fail.

      • December 12, 2012 at 8:43 am
        Jay says:
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        Ignorant

        • December 12, 2012 at 9:39 am
          Dave says:
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          How so. I can see a lot of thought was put into your comment.

          • December 12, 2012 at 2:47 pm
            FFA says:
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            My money was invested, I should reap the rewards.

          • December 12, 2012 at 3:41 pm
            CT Agent says:
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            C’mon now, FFA…you can always ask for a free Obama phone. :0)

          • December 13, 2012 at 11:04 am
            FFA says:
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            I would rather get the govt cheese. Maybe a jar of peanut butter too.

          • December 13, 2012 at 2:07 pm
            reality bites says:
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            Maybe the Gov’t cheese is where Mr. Mulligan got his flavoring.

    • December 13, 2012 at 4:14 pm
      Agent says:
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      CT, I think Gator probably doesn’t have enough fingers and toes.

      • December 13, 2012 at 5:11 pm
        nomesaneman says:
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        Maybe not, cipherin’ is hard, some have to open the fly to count to 21.

      • December 14, 2012 at 10:43 am
        Al E. Gator says:
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        Dang, you got me on dat one. In times like these, I use my teeth, divided by the number of rings on my belly scales.

        All I want for Christmas is opposable thumbs. This typin’ and figgerin’ is wearin’ me out some.

        • December 14, 2012 at 10:48 am
          Libby says:
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          I find it helps to trim the nails…

    • December 17, 2012 at 3:32 pm
      Agent says:
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      CT, It is good to hear from you again. From your post, it doesn’t sound like your family was directly affected by this tragedy. From news reports, they said they were going to send the kids to another school when it resumes and that this school may never be re-opened. I could understand that with this unspeakable tragedy. The perpetrator looks like he was certainly psychotic with a history of mental illness and shot his mother 4 times in the head before going to the school. Why in the world would she have introduced him to guns at the shooting range if she were so worried about his mental health? We may never know the answer to that one.

  • December 13, 2012 at 8:57 am
    Phoenix says:
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    Has everyone forgotten what really caused the entire collapse to beging with? True, AIG shouldn’t have taken on so much risk, but the government should not have allowed much less ENCOURAGED the mortgage industry to provide loans to nonqualified applicants. It was only a matter of time before it caught up with everyone from AIG to those investing in the bad loans repackaged as investment grade securities. The federal government brought on the bubble, witnessed it’s collapse and did what it could to HELP clean up the mess.

    • December 13, 2012 at 10:13 am
      Agent says:
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      Bawny Frank, Chris Dodd, Chucky Schumer, Nancy Pelosi, Harry Reid, the SEC, Fannie & Freddie. Need I say more?

      • December 13, 2012 at 11:03 am
        Always Amazed says:
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        Does anyone realize that the collapse of our country stared on 09/11? And that it’s only going to get worse. Has anyone read the book The Harbinger?

        • December 13, 2012 at 2:04 pm
          CT Agent says:
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          Osama Bin Laden did say that he wanted to cause the financial destruction of America, and you are correct Always Amazed…it began on that dreadful day.

          • December 14, 2012 at 9:11 am
            Libby says:
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            I am sure he is laughing his ass off down there, as we continue to tear ourselves apart from the inside out. For everyone’s sake, I hope we can find and meet on common ground to make the positive changes needed for this country to move forward and prosper. In SPITE of Al Qaeda.

    • December 13, 2012 at 11:02 am
      FFA says:
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      Someone told me the majority of Govt Pensions were at AIG. If thats true, they were just saving their own a@#. When everyone else that got bail out money stuck their hands out, they had to fill them to avoid the – I am taking care of myself on your buck – appearance.

      Hostess is taking the American Way out. Cant turn a profit, cant keep the doors open. Good thing them Union Guys picketing for higher pay & benefits showed the true power of the unions these days. Knuckle Heads! In my opinion, its better to have a lower paying job then no job.

      One of them idiots are going to end up with my free oBama Phone.

      • December 13, 2012 at 11:34 am
        Agent says:
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        FFA, Although Texas is a right to work state, there have been some union shops around. We have had three fairly sizable operations close their door due to extended strikes by unions. It added up to 3,000 employees losing their jobs for good. The plant buildings all have cobwebs now. After the stike funds dried up, these people moved on and probably went back north to do it all over again. We have not had any non-union shops close for years. They seem to weather the economic storms, but who knows what will happen after the fiscal cliff happens in January.

    • December 14, 2012 at 8:36 am
      Libby says:
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      Only a small percentage of the loans that failed were for “low income” people. It was mostly middle class Americans borrowing 125% of their home value to buy expensive toys, running up 0% credit cards, and financing luxury items that caused this collapse. We have alot of responsibility ourselves, along with the banks that encourage this kind of lending knowing it was not sustainable.

  • December 13, 2012 at 1:22 pm
    Blu Lightning says:
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    I’m still unsure if the AIG bailout was good or bad for them, their shareholders or the US Gov’t.
    I am however, concerned about GM. My first new car was an Olds and loved driving GMs fora long time and supporting the Armerican Auto Worker in the process. However, under Gov’t and UAW control GM is making cars no one wants to buy-I heard that the typical dealer has a 5 month inventory and that GM is having to offer rebates and incentives up to $13k to move the metal and we may end up paying for that in spades. I still buy American by the way and have 2 American made vehicles-a Dodge and a Jeep.
    Get GM back in private hands and then let the market take its course and if they fail, then at least its not in tax payer hands, but for each one of you who drives a foreign car-even if its made here, then don’t forget that money ultimately goes abroad and doesn’t stay here and those Auto Workers make much less then their UAW counterparts.

    • December 13, 2012 at 1:43 pm
      Dave says:
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      Not necessarily. Sounds like you don’t totally understand a global economy. Capital comes from all over the world and goes all over the world. If I own shares of a foreign stock here in the US, I get the profit if the company performs well, pay taxes on that profit and buy products and services with it, many of which are here. If a foreign auto maker builds a plant here, they pay taxes here, employ people here who also pay taxes and buy products and services here which all help the economy. We’re all better off if we buy the best product or service at the best price forcing competition on the producers of those products and services no matter where they are produced. Simple capitalism which many don’t get, including our President.

    • December 13, 2012 at 4:19 pm
      Agent says:
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      Blu, did you know that GM has 11 assembly plants in China currently and 7 out of every 10 vehicles of GM are made there now? Did you know that Chrysler has drunk dope heads assembling their vehicles. They were suspended for a time, but the union got them re-instated. I don’t think I want a vehicle they put together, do you?

      • December 14, 2012 at 9:33 am
        Libby says:
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        You should try to buy a car that was manufactured in a U.S. plant. That will make sure American workers keep their jobs in America. And the money they make will support America.

        • December 14, 2012 at 10:37 am
          Agent says:
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          Actually, I drive a Toyota Crossover made in the US by American workers in the south who don’t put up with unions. The last American car I had was a Chrysler which had some recall problems and mysterious rattles the dealer had trouble with. Now that we know Chrysler has dope head drunks getting caught in the act on their breaks, I will not be buying Chrysler again. Ford is the best of the American manufacturers and they didn’t take bailout money. They seem to have their act together and I may consider them at some point.

        • December 14, 2012 at 10:42 am
          Libby says:
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          Who thumbed me down on this? You are AGAINST Americans having jobs and keeping the money in America? I want to know who is against that.

          • December 14, 2012 at 10:43 am
            Libby says:
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            Who yourself. If you dare.

          • December 14, 2012 at 10:43 am
            Libby says:
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            That’s Show Yourself. If you dare.

  • December 26, 2012 at 2:44 pm
    Donald says:
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    The government should NEVER bail out a company… they do not, or at least should not, have the authority to do so.
    Our politicians need to approve a budget and should not be paid a penny until they do so. How do you bail a business out of financial trouble when you can’t even set a budget on yourself?

    • December 26, 2012 at 4:24 pm
      Agent says:
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      I agree Donald. When the government meddles in private business, it usually doesn’t come out well. They are not very good at picking the winners and losers. The Green Energy fiasco’s are a good example. How many have gone belly up and how many billions lost with our money? They haven’t passed a budget in 4 years and we face a fiscal cliff in a week and they are on vacation. I don’t know about you, but I don’t appreciate my marginal tax rates going up along with all the new Obamacare tax penalties about to hit us right between the eyes.



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