0bama nationalized GM. How could he do this when Trumans actions were ruled Unconstitutional in 1952 by the?
WASHINGTON — President Barack Obama asserted unprecedented government control over the auto industry Monday, bluntly rejecting turnaround plans by General Motors Corp. and Chrysler LLC,
Other presidents have forced showdowns with major industries, with mixed results. Harry Truman's decision to nationalize the steel industry on the eve of a strike in 1952 was ruled unconstitutional by the Supreme Court.
United States Supreme Court ruled in Youngstown Sheet & Tube Co. v. Sawyer, 343 U.S. 579 (1952), that the president lacked the authority to seize the steel mills. The Steelworkers struck to win a wage increase. The strike lasted 53 days, and ended on July 24, 1952, on essentially the same terms the union had proposed four months earlier.
GM paid back the debt with TARP Money where did that come from?
GM will begin paying back the TARP money in December, the company announced this morning. It's a statement in need of a little context.
Basically, GM will be using a portion of the $50 billion in TARP bailout money it received to in turn repay another portion of the TARP loans.
D U M B
Stakeholders in the company, including the U.S. Treasury Department,................
“Treasury will retain the right, at all times, to decide whether and at what level to participate in the offering,” the department said.
The U.S. government owns roughly 61 percent of the company................
Government ownership has hurt the company’s public image and sales.................
GM’s IPO would have to bring in $70 billion just to pay back all of GM’s stakeholders. The largest U.S. IPO so far is Visa Inc.’s 2008 offering that raised $19.7 billion.
Read more: GM prepares to sell stock to the public - Washington Times http://www.washingtontimes.com/news/2010/aug/18/gm-prepares-to-sell-stock-to-the-public/#ixzz2Aeu8dgCI
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