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To: The Reaper who wrote (203071)	5/19/2009 6:23:30 PM
From: ChanceIs	Read Replies (3) \| Respond to of 306849

>>>government to forgive the bulk of $15.4 billion worth of emergency loans<<< I feel so gratified. I knew that that money was gone in December when the loans were announced. I knew it. Its like getting an "A" on a test. As far as being a taxpayer goes.....pas the Prep H please. Lets see. About 300 million pop in the US. Maybe 70% of those are working age. Of that 70%, perhaps 70% are working - some maintain house or are laid off, etc. Of that 70%, perhaps 50% don't pay any income tax under our "graduated" progressive tax system. So roughly 51 million paid that $15 billion. So the real workers just took it in the shorts for about $300 each. Ah well. We got our $600 stimulus checks. No point whining. At least we know where it went...to GM. As far as that $700 billion in TARP, all we can be sure of is that it was lost. But Hey!!!! It was a great investment.

To: The Reaper who wrote (203071)	5/19/2009 8:26:06 PM
From: Peter V	Respond to of 306849

General Motors says doesn't expect to reach deals with UAW, Treasury before May 26 deadline newsday.com TOM KRISHER \| AP Auto Writer 6:50 PM EDT, May 19, 2009 DETROIT (AP) — General Motors Corp. said Tuesday it does not expect to reach agreement on concessions with the United Auto Workers union or with the Treasury Department on its debt-for-equity exchange before a May 26 deadline. Both deals are part of the restructuring effort GM must complete by June 1, or it could be sent into bankruptcy protection. GM said in a filing with the U.S. Securities and Exchange Commission that the agreements aren't expected to be reached by May 26 — the deadline for GM's bondholders to accept an offer to take 10 percent of the company's stock in exchange for wiping out $27 billion in debt. GM had said in its original debt swap offer that it expected to disclose terms of a UAW deal to cut labor costs before that deadline. Also in the filing, GM said it doesn't expect to reach a deal with Treasury to swap at least half of GM's debt to the government for stock. The company estimates that half the debt as of June 1 would total $10 billion. GM has discussed giving the government half of the company's outstanding shares to wipe out half of its debt. [MORE]

To: The Reaper who wrote (203071)	5/19/2009 8:55:27 PM
From: posthumousone	Read Replies (1) \| Respond to of 306849

$15B thru GM and $9B thru Chrysler to the UAW from Team Obama. The automaker's healthy assets are going to be owned by the U.S. government? They just put a bullet in the head of GM.>> But its still funded by taxpayers!