Did Taxpayers buy into the Old Bankrupt GM or the New Company?

D

Dog Loyal to Universe

New member
If we just bought into the old GM, are we screwed?
If we bought into the New Company, why is the Old GM selling portions to the New Company?
OR is GM Bankrupt and out of business completely?

I'm really lost on what I've been reading about this. As our Government invested our money into this deal, I assume this is the place to ask.
 
"WE" do not own anything. The Fed owns it because they are the people who "lent" the money to Congress who then allotted the money to the Treasury so do not try and contemplate the whole screwed up situation.

Side Note: I believe it was Sen. Session, I do know he was from Alabama put an Amendment into one of the bills that gave the govt owned stock directly to the Fed. Income Tax payers who did not get full refunds and Tax Credit payments which I thought was a good idea but it was shut down by Reid of course so I guess Obama really does want to run the auto industry this way he can keep paying the UAW off for more votes and the company will continue to lose money like AMTRACK..








Boycott all GM products.
Boycott all Chrysler products

To protest socialism.
 
GM as we knew it is gone forever. The new entity is apply titled by some as Government Motors. 61% owned by the United States government. 11% owned by the Canadian government. 17% owned by the UAW. GM will sell off a majority of its holdings to try and emerge out of bankruptcy and with the current ownership scheme will never be a viable entity again. So it really doesn't matter which company our 50 billion bought because what we own is worthless and doomed to eventual failure.

http://news.yahoo.com/s/ap/20090706/ap_on_bi_ge/us_gm_bankruptcy
 
They received the bailout before the bankruptcy and now the govt. owns about 60% of GM. The money will never be repaid and GM will only continue to need more money from taxpayers.
 
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