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Want some Bailout Money from the TaxPayers |
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Pacman
Prominent MUSA Citizen Joined: Jun 02 2007 Status: Offline Points: 2612 |
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Posted: Nov 20 2008 at 4:30pm |
GM shares soar on news of auto loan compromise
Thursday November 20, 4:10 pm ET
NEW YORK (AP) -- Shares of General Motors Corp. soared in afternoon trading, reversing the morning's historic plummet, on news of a deal that could result in a financial bailout of the automaker industry.
But the plan, which could throw the Detroit Three a government lifeline worth billions, still faces an uphill battle in a reluctant Senate. In afternoon trading, shares of Detroit-based GM jumped 60 cents, or 21 percent, to $3.39, having initially climbed to $4 right after the news was announced. Earlier in the day, when hopes of a possible deal were fading fast, GM shares tumbled to $1.70. That marked the company's lowest share price since June 4, 1938, when they fell to $1.69, according to the Center for Research in Security Prices at the University of Chicago. The price is adjusted for splits and other changes. Shares of Ford Motor Co. also got a boost after taking a big hit earlier in the day, rising 35 cents, or 28 percent, to $1.61. In morning trading, the Dearborn, Mich.-based automaker's shares had sank to $1.01, matching a low set on Aug. 19, 1982. Democrats and Republicans from auto industry states reached a deal Thursday on an alternative package that would temporarily divert money from a fuel-efficiency loan program to cover the Big Three's immediate costs. But it was unclear whether it could draw enough support to pass. And even if deal can be reached to consider that plan, Senate Majority Leader Harry Reid, D-Nev., signaled earlier Thursday that the Senate was not likely do so until after Thanksgiving. Reid canceled plans for a vote on a bill to carve $25 billion in new loans out of the $700 billion Wall Street rescue fund. The Bush administration and congressional Republicans oppose that plan. Efraim Levy, an analyst for Standard & Poor's Equity Research, earlier Thursday backed his "Sell" rating for GM's shares, but said he expects the automakers to get some kind of government help. "While the program we expect is not a panacea, we believe that, with the current fragile economy, the government should not risk further disruption from a ripple effect from the failure of a major automaker, as the economic costs could then be greater than the aid," Levy wrote in a note to investors. |
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Middletown News
Prominent MUSA Citizen Joined: Apr 29 2008 Location: United States Status: Offline Points: 1100 |
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Senators announce deal on auto industry aid
Three Democratic aides confirmed the deal on condition of anonymity.
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John Beagle
MUSA Official Joined: Apr 23 2007 Location: Middletown Status: Offline Points: 1855 |
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Chris Dodd says the likelihood of an automaker bailout is 'remote'
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Middletown News
Prominent MUSA Citizen Joined: Apr 29 2008 Location: United States Status: Offline Points: 1100 |
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Bailout? Handout more like it.
If no one buys GM cars and trucks, how long will any amount of money last.
Start making products people want to buy. Keep costs in line.
GM has failed on both account as far as I'm concerned. I bought GM, it was a piece. Then I bought Toyota, loved it. I don't care about the brand, just the vehicle.
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.308
MUSA Resident Joined: Aug 17 2007 Status: Offline Points: 192 |
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Sometimes I wonder what our policies would look like if politicians lived in fear of a revolution and being truly held accountable. |
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Pacman
Prominent MUSA Citizen Joined: Jun 02 2007 Status: Offline Points: 2612 |
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I have filled out more paper work to have a tooth pulled than they have to to get some Bailout Money. What a joke.
Fill out this two page form with barely any info and you too can apply for a Bailout....oh crap we are not Billion dollar financial Institutions who screwed up our financials.
Mr. Mulligan this is the easiest form the City could ever fill out and try to get some Government...er I mean Taxpayer funds.
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