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Friday, July 23, 2010

Government Motors Buys AmeriCredit With Bailout Money

This story was really offensive. GM bought out AmeriCredit for $3.5B cash.

GM will pay $3.5 billion in cash for AmeriCredit Inc., a Fort Worth-based company with 800,000 customers and a $9 billion portfolio of subprime auto loans. GM's purchase will be made out of its $30 billion cash stockpile, one that is funded in part by the government.
WTF? GM received billions of dollars in Federal bailout money. It's using that money to finance leveraged buyouts? How can anyone read this story and not say "Shenanigans!"

Isn't GM's $30B cash stockpile *ENTIRELY* Federal bailout money?

What are GM's executives thinking? The bailout money was supposed to be used to make better cars. It wasn't supposed to finance leveraged buyouts! I can almost hear a GM executive thinking "I know how we'll improve our profitability! We'll buy out smaller profitable companies!"

This is really embarrassing. GM's executives are spending bailout money on leveraged buyouts, without realizing that's a crime. They're probably congratulating each other for their brilliant business skills!

This is very offensive. GM isn't using bailout money to improve their auto manufacturing business. GM is using bailout money to finance leveraged buyouts.

1 comment:

Anonymous said...

That's hardly an offensive move coming from a corporation that has half the Nazi Party' success on its curriculum.

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