Skip to comments.Obama and GM Cook the Books
Posted on 05/16/2012 8:14:59 AM PDT by LucianOfSamasota
Would you hire President Obama as your financial adviser? Three years ago his administration invested more than $100 billion in taxpayer money to bail out General Motors. On Tuesday, the entire company, not just what the government owns, was worth less than $34 billion. By anyones definition, that investment is a glaring failure. Yet over the last few days the Obama campaign, in a $25 million marketing blitz, has flooded the airwaves with ads in battleground states, claiming the bailout should be counted a rousing success.
Unfortunately, assertions that all loans have been repaid to the federal government, that the bailout saved more than one million American jobs, that U.S. automakers are hiring hundreds of thousands of new workers, that GM is again the number-one automaker all are based on creative accounting.
(Excerpt) Read more at nationalreview.com ...
Slick King Obama. He lies like a real trooper. And he does with his arrogant straight face. What a guy!!!!!!! Democrats love him since he personifies their very way of living.
does that include the 14 billion Pres. Bush gave to GM ?
It seems to me that the "GM recovery" Obama brags about is actually an Obama negative waiting to be exploited by a smart PR firm on the Romney team.
Romney's PR people ought to be able to capitalize on this bad investment. When the Obama campaign starts harping about greedy venture capitalists they should be able to come up with a good number of stinging rejoinders pointing out the difference between "investing" taxpayer money when you own the printing press and investing your own money."
“....Having just $34 billion to show after a $100 billion-plus investment would get a chief executive of any private company fired. Unfortunately, Obama does not seem to understand how this money has been wasted.”
Did part of Bush TARP go to GM? I lose track of where and when the money was wasted.
If so, I would presume the author included all bailout funds, not just Obama’s.
The way I look at it, I could be a successful car manufacturer too - if someone just gave me $100 billion for startup.
Oh, you mean under the Rat Congress?
What is our break even number $ 60.
you are correct.
Yes, Bush got suckered into interfering with the bankruptcy process and giving GM bailout funds. That carried things over so Obama could screw things up royally.
You might say that he has paid $100 billion to ensure that the members of the UAW votes for him and help get out the votes of others. And Bush helped the Democrats to do this during the earlier stages.
Bush and McCain both had that deer-in-the-headlights look when Treasury Secretary Paulson announced the financial crisis—working covertly to elect Obama, with whom he was in regular communication. That was what put Obama over the top. Because Obama looked like he knew what was going on—he looked like a real financial expert—and Bush and McCain looked like bewildered dummies waiting for the next wreckage to fall on them.
I think you’re right. it does include it.
This article mentions 50 billion. But the numbers I see are 49 billion +, plus, a “working Capital” fund of 13 billion + that was used to repay older loans.
I still think they are 7 billion short.
Plus, they gave GMAC 16 billion, not mentioned anywhere.
and the new company ALLY is now in trouble.
Go here for a time-line. The “old” Gm looks to have been bailed out to the tune of 20 billion or so. The total there come to 50 billion