Posted on 11/04/2012 7:53:52 AM PST by COUNTrecount
The government’s bailout of the automobile industry was rife with cronyism that bagged Obama bundlers and Administration insiders millions and left taxpayers holding the bill.
That’s the conclusion Government Accountability Institute President Peter Schweizer reached when he investigated little-known details surrounding the Obama Administration’s auto bailout, an action President Barack Obama touts as one of his most sterling presidential achievements.
The government’s actions involving Chrysler resulted in a net loss to taxpayers of $2.9 billion, and the government is currently sitting on a $14.5 billion loss for its actions involving General Motors. But Mr. Schweizer says few Americans realize the backroom deals the Administration cut that created a flood of cash for well-connected Obama cronies.
For example, the GM bailout was handled not by automotive experts but by New York investment firm Evercore Partners. The firm is headed by Obama bundler and former Assistant Treasury Secretary Roger Altman and Obama mega fundraiser Ralph Schlosstein. GM paid Evercore $46 million in advising fees and billed the car company another $17.9 million for a “success fee,” despite the fact that Evercore never found GM a purchaser or funder.
Those driving the auto bailout also tossed workers under the bus, writes Mr. Schweizer in the Washington Times:
When it came to making financial decisions affecting the automotive bailout, insiders and favorites made out well and outsiders were left outside. Nonunion workers saw their pensions go bust. The financiers on the Auto Task Force in Washington shafted 22,000 salaried retirees out of their pensions. Why? Those salaried retirees of the former Delphi Corp. (a longtime GM parts supplier) had a fairly solid pension fund, which was 85 percent funded.
(Excerpt) Read more at breitbart.com ...
I want my Delphi Salaried Pension.
The list, Ping
Let me know if you would like to be on or off the ping list
Not much of a watchdog group considering they waited until half the country voted to make their report.
So true!
Let’s see....Obama uses taxpayer money, employees, equipment and facilities to enrich his backers. Cars....green energy companies....why would everyone think that Benghazi is any different? Look at Aaron Klein’s story yesterday in WND. People keep worrying that he’s a Moslem or socialist and that is what motivates him. He’s just a dirty little money-grubbing Democrat grifter. That’s what motivates him.
do I really have to say it???
http://www.opednews.com/articles/UAW-Files-Charges-Against-by-Greg-Palast-121102-673.html
Just to let everyone know that the UAW believes that Romney’s blind trust made $115M on the bailout.
(Just don’t look at the UAW’s profiteering)
Yeah, I think Peter wants to survive in the egghead world, and so he bends over backwards not to seem partisan.
Leads to such things as not blowing the whistle on Obama’s taking the illegal foreign donations online until after his record hall in September, without even so much as a call or threat from the GOP for Obama to shut it down or give back the unverified funds.
There’s little value, except for calling attention to oneself, to point out Obama’s shenanigans—when you’ve known they’ve been going on all year—only after the horses are out of the barn and clear across the county.
The Obama Administration is certainly historic, historic in the case that potentially the US AG Eric Holder (Fast & Furious) and Treasury Secretary Timothy Geithner (Delphi Pensions and GM secured bondholders) could both be heading to prison after a new sheriff is in town.
I’m disgusted, but not surprised.
bump
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