On Wed, Aug 1, 2012 at 7:35 AM, <thematter65@aol.com> wrote:
go Obama!!bush had 8 years to get bin laden, but he chose to coddle terrorists while bankrupting the country....you mutant...--
-----Original Message-----
From: lew <lewcoop@aol.com>
To: Open Debate Political Forum IMHO <opendebateforum@googlegroups.com>
Sent: Wed, Aug 1, 2012 8:19 am
Subject: Re: Obama Touts GM as Success While Market Share, Stock Price Decline
ANYTHINHG MORE PATHETIC THAN MATTE CHANGING TITLES? MATTE REDUCED TO MINORITY OF ONE PERSON - MATTE - DOING THIS SLIME. On Aug 1, 7:26 am, thematte...@aol.com wrote: > asshole kreepy lew - GM is alive, and bin laden is dead, you should be proud to be american, why do you hate american children? > > you stupid, annoying piece of rat turd... > > > > -----Original Message----- > From: lew <lewc...@aol.com> > To: Open Debate Political Forum IMHO <opendebateforum@googlegroups.com> > Sent: Wed, Aug 1, 2012 7:11 am > Subject: Obama Touts GM as Success While Market Share, Stock Price Decline > > Obama Touts GM as Success While Market Share, Stock Price Decline > > biggovernment..com > by Tony Lee31 Jul 201228 > > Obama and his campaign have gone all-in in running on what they have > spun as the successful turnaround of General Motors (GM), which > received nearly $50 billion in taxpayer bailout money. > > The Obama campaign wants to use GM to prove not only Obama's > managerial skills and instincts but to contrast Obama with Romney, > whose past successes in the private sector give him a considerable > advantage over Obama when it comes to economic issues. > > Since Romney did not support the GM bailout, Obama's team is betting > on GM to neutralize the advantage Romney has over Obama on the > economy. > > For this reason, Obama's "Betting on America" campaign theme is a not- > so-subtle reference to GM. > > But as executive turmoil within GM again bubbled to the surface this > week, the Obama administration's record on GM should be examined more > closely. > > And on examination, they have continually over-promising and under- > delivering since the company relaunched in November of 2010 after > receiving billions in taxpayer dollars. > > And because of the way GM has been mismanaged, there has been constant > turmoil and turnover within the top ranks of the company since it went > public. > > But Obama's administration and GM's CEO Dan Ackerson have largely been > absolved by the press of any blame they deserve. > > Since GM declared bankruptcy in 2009 and was bailed out by the Obama > administration, Obama and GM executives have publicly set business > benchmarks -- such as market share -- they have failed to reach while > publicly pumping up GM's stock and prospects. > > When GM's stock debuted on November 18, 2010 at $33 a share, Obama > said the "tough decisions" that led to the bailout were beginning to > pay off, according to a CNN report. > > "American taxpayers are now in a position to recover more than my > administration invested in GM," Obama said at a press conference > then. > > Steven Rattner, who headed the Presidential Task Force on the Auto > Industry that managed the bailout, pumped up GM in January of 2011, > saying, "recent progress at GM gives reason for optimism that it may > be possible for taxpayers to get every penny back," according to > Investor's Business Daily (IBD). > > In June of 2011, Rattner, whose financial misdeeds prompted > authorities to seek to ban him from trading securities for life, > continued praising GM's prospects. > > "As a pure investment matter, if I were managing this piece of > capital, I would hang on at the moment," Rattner said. "I've got my > fingers crossed the market will generally improve and GM with it and > the government will be able to get out and it'll be a good outcome for > everybody." > > GM's turnaround plan assumed, as its starting point, a market share of > at least 19 percent. > > "The public plan is 19 percent and change. That is what everything is > being based on," GM board member Stephen Girsky said during a panel > discussion at a conference at Columbia Business School in October of > 2009. > > In January of 2010, former GM CEO Ed Whitacre promised taxpayers would > make a profit on the $50 billion bailout. These comments were > consistent with Obama's. > > "I think the government's investment is well placed and I think > they'll make a lot of money," Whitacre told reporters after an event > at the annual auto show here Monday morning. "It won't be too long." > > But after all the rosy talk and rhetoric, GM had to deal with hard > numbers. > > In August of 2011, GM's original IPO price had declined by 20%. Dan > Akerson said then that GM's board told him that they did not want a > "transitional CEO." > > "I know what I'm signing up for. As long as I make my numbers, I'll > probably keep the job," Akerson said. "If I don't, then I shouldn't > keep the job. That's the way it works." > > Akerson continued his rosy forecasts when he said that in a few years, > "I think people will go, 'Wow, I'm glad we invested in GM.' I'm > talking about the American taxpayer," Akerson said, according to USA > Today. > > In January 2012, GM's market share declined to 18.4 percent, and this > time Akerson changed gears and said this had been his plan all along, > which contradicts what had been said by GM board members in 2009. > > "I like profitability more than I do market share. We're a mass > producer and scale matters to us, but obviously we'll look for margin > and profitability going into 2012," Akerson said, according to > Reuters. > > Even in the US market that now provides the lion's share of its > profit, GM is losing ground to its competition. According to GM's most > recent earnings report, North American market share has also fallen > for the last three quarters, now standing at 16.4%. > > When GM's stock price continued to decline, Ackerson, in June of 2012, > could not change gears anymore and had to apologize for GM's tanking > stock price. > > "I regret the stock has not done well post-IPO. I assure you we're all > dedicated to improving that over the medium to long term," Akerson > said. > > Just two months earlier, Akerson had said he hoped GM would return to > investment-grade within the year. > > "There are things that will happen over the next year or so that will > drive that decision," Akerson said in an interview at Bloomberg > headquarters in May. > > When asked if GM would get an investment rating in 12 months during > the same interview, Akerson replied, "I hope so, but I don't know." > > And in the meantime, GM's market share has been eroding. In fact, GM's > overall market share to date in 2012 is 18.1%, according to the Wall > Street Journal. > > The Treasury still owns roughly 30% of GM, and since GM's shares are > worth less than 2/3 of their original value, it is going to be > extremely difficult for taxpayers to recover what they put in -- > against their will, in many cases -- to GM. > > Even worse, the way GM has been managed reflects poorly on the Obama > administration and raises questions about his ability to manage -- let > alone turnaround -- America's economy. > > When former GM CEO Whitacre abruptly resigned, Akerson, who got on > GM's board because of his connection to those in the Treasury > Department, abruptly -- and surprisingly -- became the company's CEO. > > Commenting on GM for CNBC in August of 2010, Phil LeBeau wrote that > "there are few answers coming from GM, and even fewer coming from the > Treasury department which appointed Dan Akerson to the GM board last > year and as the majority shareholder has to know what's going on." > LeBeau asked questions in August of 2010 that seem even more relevant > today and in light of the distressing news coming out of GM: > > If Ed Whitacre told the board earlier this year that he was not going > to stick around, why did the GM board wait until now to make a quick > selection of Akerson as CEO? Shouldn't the board have moved sooner? > Wouldn't that have made Wall Street more comfortable heading into a GM > IPO? Instead, for the second time in the last nine months a GM CEO is > suddenly stepping down. > > LeBeau also observed two years ago, in something that could have > written this week, that it had been "common to hear people blast the > old GM board of directors as being short-sighted, poorly run, and an > example of how a board of directors should NOT function," but the > current board may be even worse. > > Concerning Akerson's sudden appointment, LeBeau noted that there was > not a public search for a new CEO, Whitacre's resignation and > Akerson's selection caught other GM executives by surprise, and the > process looked "like a rush job akin to a high school student council > picking its next president." > > "In short, many people, including investors, are wondering how > decisions are being made at GM and whether this company is so intent > on getting an IPO done that it's dropped the ball when it comes to > corporate governance," LeBeau asserted. > > And yet, GM still remains a central part of Obama's campaign > strategy. > > When Romney visited a GM plant in June for a campaign event, Obama > rapid response director Lis Smith said, "Romney's decision to hold an > event today at a GM supplier in Ohio highlights how, if he'd had his > way, the American auto industry and the more than a million jobs it > supports would cease to exist today." > > "GM and Chrysler are in existence, creating jobs, and posting some of > their most profitable quarters in history because President Obama bet > on American workers," Smith boasted. "The real question is whether > Mitt Romney — at his economy-focused event today — will explain to > Ohioans why he opposed saving an industry that is responsible for one > out of eight jobs in their state." > > And, as TPM notes, Obama has referenced GM many times on the stump. > > "Together, we're fighting our way back," Obama has said. "When some > wanted to let Detroit go bankrupt, we made a bet on American workers, > on the ingenuity of American companies. And today, our auto industry > is back on top of the world." > > But GM seems to hardly be on "top of the world." > > As Breitbart News editor Ben Shapiro noted, "Obama may have bailed out > GM, but he didn't bail out the taxpayer – and in the long run, GM > won't be a viable business just because the government cut it a > check." > > GM's decline suggests the debate going forward should not be about how > successfully Obama turned GM around > > ... > > read more » -- You received this message because you are subscribed to the Google Groups "Open Debate Political Forum IMHO" group. To post to this group, send email to OpenDebateForum@googlegroups.com To unsubscribe from this group, send email to OpenDebateForum-unsubscribe@googlegroups.com For more options, visit this group at http://groups.google.com/group/OpenDebateForum?hl=en
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