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You now own a piece of Peugeot motors!

Discussion in 'Off Topic Threads' started by Barrelbulge(Fl), Mar 9, 2012.

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  1. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    Fronm ABC news.

    .....
    Attention U.S. taxpayers: You now own a piece of a French car company that is drowning in red ink.

    That's right. In a move little noticed outside of the business pages, General Motors last week bought more than $400 million in shares of PSA Peugeot Citroen - a 7 percent stake in the company.

    Because U.S. taxpayers still own roughly one-quarter of GM, they now own a piece of Peugeot.

    Peugeot can undoubtedly use the cash. Last year, Peugeot's auto making division lost $123 million. And on March 1 - just a day after the deal with GM was announced - Moody's downgraded Peugeot's credit rating to junk status with a negative outlook, citing "severe deterioration" of its finances.

    In other words, General Motors essentially just dumped more than $400 million of taxpayer assets on junk bonds.
     
  2. TinMan88

    TinMan88 TS Member

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    Barrelbulge, Didn't GM recently get burned with Saab?
     
  3. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    Not positive but easy to google. Mike.
     
  4. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    Tinman, A Turkish private firm tried to buy it. Seems like they were stonewalled by GM. Mike.
     
  5. TD1958

    TD1958 Member

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    That's what I like to see, our taxpayer's dollars hard at work and obviously ungoverned by the idiots that run our nation. One sure would like to think that those same idiots would have a finger on what GM is doing with our money. Tim
     
  6. Catpower

    Catpower Molon Labe TS Supporters

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    Tim, they do know what they are doing with the money, buying union votes
     
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