TAXPAYERS LOSING TENS OF BILLIONS on the GM Bailout. GM workers can expect bonuses of between $5,500 and $7,000

Taxpayers just keep getting screwed and not even kissed by the Auto Unions.

Profit-sharing bonuses for United Auto Workers’ members at Ford Motor Co.[/size] (NYSE: F) and General Motors Co. (NYSE: GM) are expected to be at least as large as last year’s payout at General Motors and larger than the year-ago bonuses paid at Ford. Approximately 55,000 GM hourly workers and 40,000 Ford employees are in line for the payments.

[size=18]GM workers can expect bonuses of between $5,500 and $7,000, and Ford’s employees could receive a payment of more than $8,000 each, according to a report in The Wall Street Journal. The payments are based on a formula that gives workers a $1 bonus for every $1 million in North American operating profit at the two companies.

Read more: Workers at GM, Ford to Score Nice Bonuses This Year - 24/7 Wall St. http://247wallst.com/2012/12/21/workers-at-gm-ford-to-score-nice-bonuses-this-year/#ixzz2FvLmOWyo

You just can't make these things up.

I thought all that was paid back?

Dreamsglore wrote:I thought all that was paid back?

Nope. The government owns about 20% of the stocks in GM. In order for the government to sell those stocks and break even on what was borrowed the stock would have to sell for over $50.00 per share. Not even close and no expectation of it getting closer.

A plan is in the mill for GM to buy the shares back from the government. That would be at a far reduced rate leaving the Tax Payer on the hook for tens of billions.