1. The Regime hyped up the IPO to pay back the 50 BILLION dollar bailout but of course, the UNION made out better with this deal than tax cheat Charles Rangel did crying and blubbering before his fellow criminals in the Congress. Also, note that little or NO private investors bought into this scam so the Gunny guesses that it went to financial institutions, who used stimulus money to buy it, and then shuffled it off to mutual funds, like Fannie and Freddie bought bad mortgages and then sold the worthless junk to fools.
2. The UAW made out nicely while the US taxpayer, got screwed again, with only a 30% gain. WE, the taxpayer, who did not want this bailout in the first place, only got back $13.7 billion out of the 50B we got soaked for. We MIGHT get another $1.8B by December 31, if we're lucky and GM is paying back $9.5B. That STILL leaves us 25B short. Shouldn't the TAXPAYERS have gotten the first bite of the apple until that 50B was repaid? Evidently, not with this Regime.
So Obama fires the CEO, guides GM into bankruptcy court, gets the court to put UAW's interests ahead of everyone else, INCLUDING the old investors in GM (who should have made out better than they did - they got zippo) if normal bankruptcy laws had been followed and the White House "auto task force" did not "hook up" the bankruptcy. Democrats are nothing if not consistent, rewarding their political allies through fancy sleights of hand and scams.
Obama and his UAW pals scammed Americans like Craig Coffey (retiree), who had 55K invested in old GM, never got one thin dime. "We just sat and watched [the stock offering]. We got nothing. Screwed again."
Add one more scam that this Regime is involved in that Congressman Issa seriously needs to look into. It'll take a decade to unravel the financial scammage that Obama and the Goldman/Sachs parasites rife in his regime have done and another decade to bring them to justice, if ever. Government Motors is Obama the Marxist's wet dream. He has successfully engineered a redistribution of wealth from legitimate owners like Mr. Coffey and turned it over to his homeys in the UAW. They call it crony capitalism in the former Soviet Union and Obama learned it well at the feet of Frank Marshall Davis. One more charge to add to his impeachment.
|AIN'T THIS THE TRUTH!|