As always, the American taxpayer gets screwed by our government....From Yahoo -- WASHINGTON – By selling a block of its shares in General Motors Co. for $33 each — a price far below the "break-even" point — the government sharply reduced the chances of taxpayers fully recovering their $50 billion investment in the auto giant, a new report from a congressional watchdog says.
The irony is that the dreadful unions, who now basically own the car companies from whom they previously extorted undeserved billions, were the ones who destroyed GM and Chrysler in the first place. Obama sidestepped the intent of the Constitution and awarded ownership to villainous, union thugs....loyal-democrat, villainous, union thugs that is.
If the car companies had been allowed to declare bankruptcy as they should have, the union labor contracts would have been thrown out and the companies could have reorganized under a free-labor market environment, the way all companies should have to operate. As it is, GM and Chrysler continue to drown under the unbearable weight of union wage and pension contract obligations and their declining stock price reflects that. It's just too bad the American taxpayer has to absorb the billions in losses.
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