General Motors Deal Taketh From The Taxpayers
And giveth to Obama cronies.
The Treasury Department has sold the last of its stock in General Motors Co. Even though taxpayers lost $15 billion on the auto bailout (including losses at Chrysler Group LLC and Ally Financial Inc., which offers financing for GM vehicles), the Barack Obama administration put out a statement taking credit for its handling of tax dollars and the Detroit automakers’ success.
Yet the administration shouldn’t be so quick to toot its own horn. The government didn’t need to lose any money on the auto bailout. Had the United Auto Workers not gotten special treatment, taxpayers would have come out ahead.