The PJ Tatler

GM Thus Far Nets $7.4 Billion in 2011 Profits, Has $36.5 Billion Cash on Hand – We the Taxpayers Still Face $15 Billion in GM Bailout Losses

General Motors (GM) announced today that it has profited to the tune of $1.7 billion in the 3rd Quarter of 2011 – bringing the year’s total to date to $7.4 billion.  This is good news for the car company.  But it leaves We the People – the American taxpayers – wanting.

As part of the GM bailout, we were left holding more than 500 million GM shares.  To break even, we need to sell them at $53 per.  They are currently trading at around $25 – meaning we’ll lose around $15 billion.  President Barack Obama has repeatedly called this GM bailout mega-loss a “success.”

There is, however, an opportunity for us to be made whole.  Our break-even buyout price is about $26.5 billion (about 500 million shares x $53) – and GM is currently sitting on about $36.5 billion in cash.  GM can – and should – buy us out and make us whole.

Less Government built and runs  Which tracks the GM bailout loss-to-be – and offers up the we-break-even solution.

Seton Motley, President of Less Government:

“We the People are rightly upset with the government’s serial, incessant wastes of our money.  Government Motors looms as possibly the largest loss of all.  The titanic tally must be tracked, and the government made to feel the heat – which allows us to do – so that We the People can ensure we are finally made whole.

“ allows us to track the tens of billions of dollars the federal government has set us up to lose on Government Motors.  And provides the answer – on how GM can buy us out at the break-even price.

“The automaker has the money.  GM can make us whole with but a part of their $36.5 billion cash stockpile – and once and for all get the We the People out of the car business.”