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Pay no attention to the people behind the curtain

Monday, June 08, 2009

More Depressing News

By 3rd Way

To keep this pity party going I thought I should report on something new I learned today from


is roughly the percent of GM that we each own.

$362 is what each of us paid for that equity stake.

That’s because $50,000,000,000 is the total amount the US Treasury has spent of GM’s survival. (That’s $30.1 billion for 60% of New GM’s equity + $20.6 billion that we spent trying to keep them out of bankruptcy.) And that’s just the beginning of it.

So $83,000,000,000 is what New GM would have to be worth in order for us to break even on our investment.

But $56,000,000,000 is what GM was worth at its all time peak in 2000.

And it’s only worth about $7,300,000,000 now.

I am certainly not a bankruptcy guy, but managing the bankruptcy of GM seems like a prudent thing for our government to do. I just wish there was a way to keep an important American industry afloat without throwing so much danged moolah at a failed enterprise.

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