GM Joins Indycar in 2012!!

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Originally Posted by anthonyvop

I don't care what series it is. GM shouldn't be involved in any racing as long as they are working on my dime.

In a perfect world every cent would be returned to the Government(Including interest) and they would declare bankruptcy.

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Seriously? None of your federal tax bill is being used for the GM bailout because it was part of TARP, which was deficit funded. So instead of whining about what they're doing with "Your dime," you should be complaining about what they're doing with debt incurred in your name without your consent. That would be the accurate what of stating your concern.

Beyond that, GM is on track for $2 billion in profit this year. They are on a track to pay off the federal government and are paying for their IRL program out of their profits. Also GM will have repay the federal government $10 billion by the time the IPO finishes.

GM is planning an IPO. Does anyone know their schedule for paying back the U.S. Treasury?

Regardless, I think this is great news.

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Originally Posted by anthonyvop

So I am suppose to approve of my Tax dollars being taken from me and given to what was once a poorly run private company just so the politicians can pay back the Unions for all their help?

No! I am not!

And if you think I am the only one against Government Bailouts then you weren't paying attention last Tuesday!

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I'm against government bailouts too, but the fact the Feds bailed them out has nothing to with what they do to continue to operate. Would you rather they stop their involvement in product developement and promotion? Yeah, that'll get them back into the swing of things.

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Originally Posted by BDunnell

Nice to see this sentiment being expressed by others too...

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Obviously you don't pay attention to what a drag he is. Rather than listen to somebody complain about every single news item, I'd prefer to see him leave and go enjoy whatever it is he actually does enjoy. Judging by what we read here, he doesn't enjoy anything, rather sulks in life with no friends.

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Originally Posted by anthonyvop

I don't care what series it is. GM shouldn't be involved in any racing as long as they are working on my dime.

In a perfect world every cent would be returned to the Government(Including interest) and they would declare bankruptcy.

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Declare bankruptcy, where they are offered government protection. You should win an award for stupidity. What difference does it make? You don't make enough money for "your dime" to matter anyway. Besides, all the government did was print them money, we're not paying for it. The deficit just went up that much more.

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Originally Posted by MDS

Seriously? None of your federal tax bill is being used for the GM bailout because it was part of TARP, which was deficit funded. So instead of whining about what they're doing with "Your dime," you should be complaining about what they're doing with debt incurred in your name without your consent. That would be the accurate what of stating your concern.

Beyond that, GM is on track for $2 billion in profit this year. They are on a track to pay off the federal government and are paying for their IRL program out of their profits. Also GM will have repay the federal government $10 billion by the time the IPO finishes.

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Exactly. Exactly, and exactly. Need more posters with a little sense like MDS.

Hey Vop, go back to crapwagon where you'll be with the rest of your pals. Make sure all you tea party guys remember who was the president when the TARP was put in place, and how the economy looked then.

Would have been much better to lose all those jobs and put all the GM employees and suppliers out of work. Maybe we could have had a worldwide depression - that would have made everyone happy!

Btw - I think it's great news that GM is looking to do this - for AOWR!

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Originally Posted by vintage

Hey Vop, go back to crapwagon where you'll be with the rest of your pals. Make sure all you tea party guys remember who was the president when the TARP was put in place, and how the economy looked then.

Would have been much better to lose all those jobs and put all the GM employees and suppliers out of work. Maybe we could have had a worldwide depression - that would have made everyone happy!

Btw - I think it's great news that GM is looking to do this - for AOWR!

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Same sentiments here. And most of all, the fact that it's GM and not some other OEM has to be a surprise to most (me anyway). I wonder if GM Racing is going to partner with Cosworth or some other race engine builder, or if they're going to go it alone?

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Originally Posted by anthonyvop

I don't care what series it is. GM shouldn't be involved in any racing as long as they are working on my dime.

In a perfect world every cent would be returned to the Government(Including interest) and they would declare bankruptcy.

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So you don't want GM to do any advertising on your "dime" because... you might profit from it in the long term?

Technically, they've paid back the federal government with stock. The federal government will get all of it's money back upon selling that stock.

Government takovers of failing buisnesses are never intended as permanent solutions; it's merely an attempt to maintain the status quo for a few years.

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Originally Posted by champcarray

GM is planning an IPO. Does anyone know their schedule for paying back the U.S. Treasury?

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They've already paid back approximately $7 billion. The balance of the financial assistance was converted to a 61% equity/stock position. According to the WSJ, the value of GM's stock offering (common and preferred) would need to top $70 billion for the Treasury to break even. Ford is currently valued at around $40 billion, so many analysts think that GM should exceed that figure, and could possibly get to $70 billion shortly after the IPO launch.

The actual "when" of the payback depends on when the Treasury sells its stake. Just like with Citibank.

Not a fan of the government bailout...I don't think the government should be conducting business in the private sector...and I don't want to get dragged into a political debate in a racing forum. Folks can have a difference of opinion, that the way it is in the US, you can agree to disagree.

However, I look at this as a possibility of HUGELY GREAT news for this series!! There's enough bad news...bring it on! The IPO will pay my taxes back!

This would be big positive news if it happens. Randy Bernard states in Speed that this is pure speculation. I hope it happens, but until GM confirms it, it's just IndyCar rumors.

http://auto-racing.speedtv.com/artic...return-in-2012

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Originally Posted by anthonyvop

Great! More of my Tax Dollars being wasted!

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Originally Posted by TURN3

Is there any right answer with you?

This is good for the series, another manufacturer and an American one to boot. Pretty hard to find anything negative about this, except for one or two of you people that the rest of us just wish would go away.

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No, of course not.

Gary