Posted on 11/26/2013 9:52:52 AM PST by SeekAndFind
Federal Meddling: Remember the promise that taxpayers would get back every dollar taken from them and dumped into the General Motors bailout? The promise is coming up about $10 billion short.
All told, GM ended up with some $50 billion in direct cash, loans and bankruptcy aid. The bailout began with $13.4 billion from President Bush's Troubled Asset Relief Program and was topped off with another $30.1 billion in May 2009. The Obama administration provided a full $36 billion of the total.
The beleaguered American taxpayer was supposed to be paid back in full, but that won't be happening.
Last week the Treasury Department, which has no idea how to run a car company, said it planned to sell by Dec. 31 the remaining 31.1 million shares of GM stock it holds. When everything is settled, taxpayers will have lost nearly $10 billion.
Some will say that's a small price to pay to keep the company in business and 1 million jobs from being lost. Don't believe it.
(Excerpt) Read more at news.investors.com ...
If you would like the bailout money back, you can get the bailout money back. Period.
So, WHY should the tax payers pay for the neglect, ineptitude, poor planning and extravagant spending of General Motors... Is this in the constitution?
Don't go rolling out that tired old argument. We are beyond looking for solutions in the Constitution. Our Federal government stopped the bankruptcy proceedings and intervened with taxpayer money to fund union pensions. That was illegal in itself. Then the government took some of the ownership, gave some ownership to the unions and decided on the management of the company. That is another illegal move (per that tired old Constitution thangy).
The reason there are no answers in the Constitution is because what we have now was supposed to be strictly prohibited. We have to go back to the Declaration of Independence to consider how to fix this (and many other things).
Some hungry guy steals a can of soup and he goes to jail. The Union Thugs that now run GM can steel 10 billion and not even loose a paycheck.
I’ll bet Christmas bonuses are on the way though. To hell with the taxpayers, Obama needs to “redistribute” more taxpayer’s earnings to unions.......2014 elections are coming.
After the government seized it once by fiat, how wise is it to buy GM stock?
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