“Earlier this year, GM presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering.”
In other words, GM wants the government out citing ” it hurts the company’s reputation and its ability to attract top talent due to pay restrictions.”
“But officials at the Treasury Department were not interested as selling now would lead to a multibillion dollar loss for the government, the newspaper noted.”
And as is apparent to everyone but the Obama koolaid drinkers–taxpayers have lost BILLIONS on the GM takeover by Obama.
Now Mr. President, what you concealed from the honest people of the Midwest and America. America had a long established legal system to adjudicate bankruptcies, which debtors and creators rely on to make rational and predictable decisions. However, you prevented this orderly process to reward the UAW unions. At the expense of the secure bond holders, you made the UAW a major owner of GM. Bluntly, you used Presidential power and taxpayer’s money to transfer ownership to the unions.
Obama didn’t “save” GM. He took his share, gave some to the auto unions, and wiped out the secured bond holders….. and is now running it into the ground–on our dime and the earnings of future generations!
Filed under: 2012 Presidential Election, Auto Industry, Barack HUSSEIN Obama, Big Government, Collectivism, Communism, Daily Headlines, Economic Stimulus, Economy, Liberalism, Obama corruption, Politics, Progressives Ain't, Socialism, Union Thugs Tagged: | auto bailout, GM, Obama, Treasury Department