Read the originals here and here.
Obama: Let's repeat auto industry success
By DONOVAN SLACK
Politico.com
8/9/12 2:18 PM EDT
PUEBLO, Colo. – President Obama, while villifying Mitt Romney for opposing the auto industry bailout, bragged about the success of his decision to provide government assistance and said he now wants to see every manufacturing industry come roaring back.
“I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he said. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.
“I don’t want those jobs taking root in places like China, I want those jobs taking root in places like Pueblo,” Obama told a crowd gathered for a campaign rally at the Palace of Agriculture at the Colorado State Fairgrounds here.
He made the remarks while pushing for the renewal of a tax credit for wind energy manufacturing – something Romney opposes – and for the creation of credits for companies who bring jobs home from overseas, as well as the elimination of loopholes for offshoring.
“Gov. Romney brags about his private sector experience, but it was mostly invested in companies, some of which were called 'pioneers of outsourcing,'” Obama said. “I don’t want to be a pioneer of outsourcing. I want to insource.”
Clarification: This post was updated to reflect the president's intent to express his support for manufacturing success. An earlier version was unclear about his intent.
(This is the success, that the President refers to. -TheStrategeryBlog)
Report: U.S. Treasury ups expected bailout losses to $25 billion
Published: Monday, August 13, 2012, 4:00 PM Updated: Monday, August 13, 2012, 4:17 PM
By Michael Wayland
8/9/12 2:18 PM EDT
PUEBLO, Colo. – President Obama, while villifying Mitt Romney for opposing the auto industry bailout, bragged about the success of his decision to provide government assistance and said he now wants to see every manufacturing industry come roaring back.
“I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he said. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.
“I don’t want those jobs taking root in places like China, I want those jobs taking root in places like Pueblo,” Obama told a crowd gathered for a campaign rally at the Palace of Agriculture at the Colorado State Fairgrounds here.
He made the remarks while pushing for the renewal of a tax credit for wind energy manufacturing – something Romney opposes – and for the creation of credits for companies who bring jobs home from overseas, as well as the elimination of loopholes for offshoring.
“Gov. Romney brags about his private sector experience, but it was mostly invested in companies, some of which were called 'pioneers of outsourcing,'” Obama said. “I don’t want to be a pioneer of outsourcing. I want to insource.”
Clarification: This post was updated to reflect the president's intent to express his support for manufacturing success. An earlier version was unclear about his intent.
(This is the success, that the President refers to. -TheStrategeryBlog)
Report: U.S. Treasury ups expected bailout losses to $25 billion
Published: Monday, August 13, 2012, 4:00 PM Updated: Monday, August 13, 2012, 4:17 PM
By Michael Wayland
Mlive.com
DETROIT, MI- The U.S. Treasury Department reportedly expects to lose more than $25 billion on the $85 billion auto bailout involving General Motors and Chrysler.
A new report sent to Congress on Friday states the Obama administration now expects to lose about $25.1 billion, according to the Detroit News.
Aug. 13, DetroitNews.com: “The report may still underestimate the losses. The report covers predicted losses through May 31, when GM's stock price was $22.20 a share.”
The government still owns 500 million shares of the automaker as part of the 2009 auto bailout, which forced both automakers into government-backed bankruptcies.
To recoup all of its nearly $50 billion from GM, government officials would have to sell the remaining shares at about $53 per share.
Earlier this year, GM spokesman Selim Bingol said it is "anybody's guess" as to when the government will exit the automaker.
“The day will eventually come when the Treasury sells its GM stake,” he wrote in an executive blog post in March. “When is anybody’s guess (we have no say in the matter). Meantime, we are focused on designing, building and selling the best vehicles in the world.”
As of 3:45 p.m. today, the Detroit-based automaker’s stock [NYSE: GM] was trading for about $20.45 a share, a 38 percent decline from its initial offering price of $33 in November 2010. The stock hit a record low of $18.85 per share late last month.
During the company’s annual shareholder meeting in June, GM CEO and Chairman Dan Akerson said global economic uncertainty, along with its troubled European operations and pension obligations were hindering the stock’s performance.
“I regret that the stock has not done well post-IPO,” he said. “I will ensure you that we are all dedicated to improving that over the immediate to long-term.”
The Obama administration completely exited Chrysler last year after recovering $11.2 billion of its $12.5 billion bailout to the Auburn Hills-based automaker.
The $25 billion in losses remains less than its estimates of $30 billion in December 2009, according to the Detroit News.
DETROIT, MI- The U.S. Treasury Department reportedly expects to lose more than $25 billion on the $85 billion auto bailout involving General Motors and Chrysler.
A new report sent to Congress on Friday states the Obama administration now expects to lose about $25.1 billion, according to the Detroit News.
Aug. 13, DetroitNews.com: “The report may still underestimate the losses. The report covers predicted losses through May 31, when GM's stock price was $22.20 a share.”
The government still owns 500 million shares of the automaker as part of the 2009 auto bailout, which forced both automakers into government-backed bankruptcies.
To recoup all of its nearly $50 billion from GM, government officials would have to sell the remaining shares at about $53 per share.
Earlier this year, GM spokesman Selim Bingol said it is "anybody's guess" as to when the government will exit the automaker.
“The day will eventually come when the Treasury sells its GM stake,” he wrote in an executive blog post in March. “When is anybody’s guess (we have no say in the matter). Meantime, we are focused on designing, building and selling the best vehicles in the world.”
As of 3:45 p.m. today, the Detroit-based automaker’s stock [NYSE: GM] was trading for about $20.45 a share, a 38 percent decline from its initial offering price of $33 in November 2010. The stock hit a record low of $18.85 per share late last month.
During the company’s annual shareholder meeting in June, GM CEO and Chairman Dan Akerson said global economic uncertainty, along with its troubled European operations and pension obligations were hindering the stock’s performance.
“I regret that the stock has not done well post-IPO,” he said. “I will ensure you that we are all dedicated to improving that over the immediate to long-term.”
The Obama administration completely exited Chrysler last year after recovering $11.2 billion of its $12.5 billion bailout to the Auburn Hills-based automaker.
The $25 billion in losses remains less than its estimates of $30 billion in December 2009, according to the Detroit News.
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