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  • Sen. Alexander (R-TN) Wants to Give Govt's GM, Chrysler Shares Back to Taxpayers

    On a blogger conference call this morning, Senator Lamar Alexander (R-TN) discussed a bill he introduced last week that would distribute the Federal government’s recently acquired GM and Chrysler stock to taxpaying Americans.

    “Instead of the Treasury owning 60 percent of shares in the new GM and 8 percent of Chrysler, you would own them, if you were one of about 120 million individuals who paid taxes on April 15,” Alexander explained. “This is the fastest way to get the stock out of the hands of Washington and back into the hands of the American people in the marketplace where it belongs. The stock certificates would be in your name, not that of your government.”

    The Senator said that giving taxpayers stock will benefit both the companies and shareholders.

    “It would be helpful to GM and Chrysler if they had 120 million Americans interested in their success.”

    Questions remain on whether the auto shares should be distributed based on how much one pays in taxes; more taxes paid, more shares received.

    Alexander thinks it’s a “simpler, cleaner proposal” if the shares are evenly spread amongst all taxpayers.

    To publicize what Alexander calls the “incestuous relationship” of the government owning car companies, the Senator is handing out weekly “Car Czar” awards to legislators “who distinguish themselves by making it harder for the auto companies your government owns to compete in the world market place.”

    The inaugural award went to Massachusetts Congressman Barney Frank, who called GM’s CEO to complain about a GM warehouse closing in his home state that employed 90 people.

    As the Wall Street Journal Editorialized:

    Mr. Frank’s spokesman, Harry Gural, says the Congressman discussed, among other things, “the facility’s value to GM.” We’d have thought that would be something that GM might have considered when it decided to close the Norton center, but then a call from one of the most powerful Members of Congress can certainly cause a ward of the state to reconsider what qualifies as “value.”

    “The best thing that would help the company’s success would be to get the stock out of the hands of Washington, and into the taxpayers’ hands.”

    Sen. Alexander anticipates more inevitable situations like the one Rep. Frank found himself in, and of course, a “Car Czar” award to go along with it.

    “I expect that while today the administration and others may be reluctant to support our legislation, a few months from now they’ll be grateful to get it out of here.”

    Posted in Ongoing Priorities [slideshow_deploy]

    10 Responses to Sen. Alexander (R-TN) Wants to Give Govt's GM, Chrysler Shares Back to Taxpayers

    1. Spiritof76, New Hamp says:

      Let us not pretend that we have a Constitutional government. What we have a fascist government of Mussolini.

      We need to put Barney Frank and all those Washington hordes in jail for violating the Oath to uphold and defend the Constitution. Where in the US Constitution does it say that the Federal government is empowered to interfere in the private market?

    2. Barb -mn says:

      …and as the president admitted he wants no part in ownership of GM, banks, etc there is no reason or excuse for shares to be in government. Give GM back there company. Let the consumers choose. It is GM's business. Not the consumers, nor the government's.

    3. Pingback: Round-up of recent Republican legislative intiatives « Wintery Knight Blog

    4. Janet, Tennessee says:

      Thank you Lamar! I sent you to be Governor, then Senator, you let me down voting FOR Stimulus; now you have redemmed yourself with your GM idea. Please keep true to your constituents, stay on the RIGHT track, I'm watching!

    5. Janet, Tennessee says:

      Thank you Senator Alexander for your bill to return GM & Chrysler stock to taxpayers. Encourage other Senators to support it.

    6. Brad Raffensperger, says:

      As the constitution so nobly states, " We the People in order to form ….". The upshot of this is that we, the American people own the government, both assets and liabilities. Therefore it is entirely appropriate for a "dividend" to be issued to us, the owners, in the form of both GE and Chrysler shares.

      This also frees up our elected officials to handle more pressing issues than running private sector businesses.

      In one enlightened action Congress can kill 2 birds with 1 stone. A return on our investment for us and more time for Congress to work on the next issue of the day.

      Thank you, Senator Alexander.

    7. Pingback: Economic Notes « 36 Chambers – The Legendary Journeys: Execution to the max!

    8. The Shark, New Hamps says:

      This was a hostile take over of GM, the US Gonernment should not be owning corporations. Give GM BACK!

      The Shark (taking a bite out of liberalism)

      The Shark on HubPages

    9. Pingback: Awesome Senator Award: Lamar Alexander - Angry Female Elephant

    10. Mike, Michigan says:

      At this point, this should be the least that the government could do. I do think that the shares should be distributed according to how much federal tax one payed in last year, being that nearly 50% of americans only account for 3% of all federal taxes collected.

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