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The Government Motors bailout was $50 BILLION (yes that’s Billions not millions)
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Integral to that GM fiasco was throwing the widows, orphans and retirement funds that had invested in GM bonds under the bus in favor of the UAW labor unions.
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In April 2011 CEO Whitacre asserted “We have repaid our government loan in full, with interest, five years ahead of the original schedule.”
In fact GM paid only a tiny fraction thereof – and did so with other government money. It was a TARP money shuffle.
As of November 16, 2010 – more than half a year after the “paid in full with interest” national ad was run – Government Motors had only paid back $361 million. (That’s less than one percent ; 1%)!
http://biggovernment.com/smotley/2011/02/14/gmgovernment-motorsgiving-enormous-taxpayer-money-fueled-bonuses/
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So here we are in Jan 2012 with 99% of the $50 Billion tax dollars still outstanding and the newest news is that all the ObamaMobiles called The Volt, have been recalled for a little problem resulting in self-immolating battery fires.
http://roanokeslant.blogspot.com/2011/12/chevrolet-volt-safe-dont-sweat-battery.html
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WSJ, 1-19-12, Pg B1,2: The Volts is now being redesigned to meet California’s vehicle codes so that all the media and movie stars may buy them;
And what a deal that is:
• A $1,500 Ca. Taxpayer rebate
• A $7,500 US Taxpayer tax break
http://www.mygovcost.org/2011/12/21/gms-chevy-volt-costs-taxpayers-250000-per-vehicle/
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This all flies in the face of the claims some are making that Obama, Virtual CEO of Government Motors, is not a businessman. It’s clear that Obama’s business school was based on Karl Marx’s Das Capital and his venture capital funds are your tax dollars!
So much for the Free Enterprise System that made this country a world leader in Industry, Innovation, Freedom and Quality of Life for it’s citizens.
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http://roanokeslant.blogspot.com/2012/01/stop-paying-your-mortgage-and-buy-new.html
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http://roanokeslant.blogspot.com/2010/12/yet-more-government-motors-slant-and.html
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http://roanokeslant.blogspot.com/2011/07/car-barons-ford-hitler-obama.html
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http://roanokeslant.blogspot.com/2011/02/obama-gives-his-government-motors-gm.html
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http://roanokeslant.blogspot.com/2010/02/obamas-gm-government-motors.html
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http://roanokeslant.blogspot.com/2012/01/deficit-and-debt-crisis.html
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