Government Sells Off GM Shares . . . Public Takes $10.5 Billion Bath


The headline should read, “1 Million GM Workers Rob U.S. Taxpayers $11 Thousand Each”. You could argue that it’s money that would have been lost anyway, had the bail-out not happened, or more legitimately, GM should should have been forced to buy back the debt and pay back the taxpayers.

JONATHAN TURLEY

150px-General_Motors.svgThe federal government just cashed out on our General Motors shares and the final tally is a $10.5 billion loss. Many could still argue that this cost was worth it, but it is different from what has been represented to the public that we would lose no money on the deal. Indeed, the article below says that the White House delayed the final sale until after the election due to the implications of an over $10 billion bath. My concern is the lack of clarity and honesty surrounding the bailout. The public might still have supported the plan but it was not sold as an over $10 billion walkaway bailout.

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