GM Stock Drops Below IPO Price, Blows $40M On Fantasy Carbon Credits

February 24, 2011 3:09 pm 1 comment

Creative Commons - by IglooWhite

Although Government Motors proudly claims to have paid back all of the TARP funds sunk into the company by George Bush and Barack Obama, Sen. Chuck Grassley has already pointed out that they only paid back their loans using OTHER bailout money.

Back in April of 2010 we learned:

Sen. Chuck Grassley’s charge was backed up by the inspector general for the bailout — also known as the Trouble Asset Relief Program, or TARP. Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government.

“It appears to be nothing more than an elaborate TARP money shuffle,” Grassley, the ranking Republican on the Senate Finance Committee, said in a letter Thursday to Treasury Secretary Timothy Geithner.

American tax payers still have tens of billions of dollars trapped inside GM that we’ll probably never see paid back.

So what is GM doing with our money these days? Would you believe that they are dumping $40 million dollars into “carbon credits” over the next 3 years? Indeed.

The “carbon credit” market is a liberal “feel good” concept that allows guilt stricken greenies to buy magical pixie dust and unicorn farts guaranteed to save the planet from evil corporations and George Bush. Or something like that.

The Financial Times and News Busters has the ugly truth:

Companies and individuals rushing to go green have been spending millions on “carbon credit” projects that yield few if any environmental benefits.

A Financial Times investigation has uncovered widespread failings in the new markets for greenhouse gases, suggesting some organisations are paying for emissions reductions that do not take place.

Others are meanwhile making big profits from carbon trading for very small expenditure and in some cases for clean-ups that they would have made anyway.

How is the free market taking this? On February 24th 2011 Government Motors fell to the lowest since its initial public offering in November as rising oil prices dimmed the outlook for truck sales after the largest U.S. automaker’s most profitable year since 1999.

GM slid $1.89, or 5.5 percent, to $32.70 at 1:21 p.m. in New York Stock Exchange composite trading. The drop marked the first day GM traded at less than its $33 initial offering price in November.

Now go out and buy a Chevy Volt.

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