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Home » Archives » March 2012 » Carcynic is brand-new, but are we being copied already?!

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Carcynic is brand-new, but are we being copied already?!


Last Thursday (01 March), I posted on Google+ about the GM investment in PSA Peugeot Citroen, and how it means that the American taxpayers now own a part of Citroen. Today, a similar article appeared on ABC News.... I wrote:
"We all own Citroen now"
"...we all own a bit of Citroen the company."
(It is obvious that "we" refers to the US Taxpayers, and this is specifically spelled out later in my post, as we will see below.)

They wrote:
"Attention U.S. taxpayers: You now own a piece of a French car company...."

I wrote:
"The US government owns 26.5% of GM, and now GM owns 7% of PSA Peugeot Citroen, so that means the American tax payers now own (pardon the rounding) about 1.8% of PSA Peugeot Citroen."

They wrote:
"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."

Granted, the GM investment in PSA Peugeot Citroen was public news, but I did not see another article break it down into the US taxpayers involvment, and the 7% of 25% amount, until I did. I can't help think that perhaps Mr. Jonathan Kar of ABC saw my public Google+ post. Note that ABC didn't actually do the math like I did. Perhaps they thought that multiplying percentages was a little too advanced for their readers.

You can see the ABC article here:

http://abcnews.go.com/blogs/politics/2012/03/an-american-auto-bailout-for-france/