Skip to comments.Obama Misrepresents Auto Bailout– GM DID Go Bankrupt
Posted on 09/26/2012 3:16:58 AM PDT by tobyhill
We have heard the claims over and over again from the Obama campaign; the President "saved" General Motors and Mitt Romney said "let Detroit go bankrupt." The clear implication is that GM never went through the bankruptcy process that Romney suggested. Here's news for voters who didn't pay attention to how, exactly, Obama "saved" GM; $50 billion dollars of taxpayer money was given to GM to get them through a manipulated bankruptcy process. Replacing the word bankrupted with saved does not change the facts. And the fact is, GM DID go bankrupt.
The media has not questioned the clearest example of misrepresentation of facts by one of the presidential candidates. This one is not debatable, the court dockets exist. Not only did GM go bankrupt, but the Obama Administration used taxpayer money to manipulate the bankruptcy process and assure that political friends in the UAW received favorable treatment compared to non-union claims.
The evidence that union friends of Obama received favorable treatment is also irrefutable. In a normal bankruptcy, liabilities and creditors would be ranked with unsecured claims being treated equally (which wasn't done under the Obama manipulated bankruptcy) and negotiated through a "managed" process. THAT is what Mitt Romney suggested be done. And for the record, he never used the words "let Detroit go bankrupt," that was a title a paper that published a Romney op-ed piece gave it. President Obama was the one who carried out a plan that saw a GM bankruptcy process that became anything but normal as he appointed his Auto Task Force to assure that the UAW was well taken care of.
(Excerpt) Read more at nlpc.org ...
Duh. Why are we even talking about this?
Oh yeah, the memory hole. Also, everyone is an idiot
Let us hope that Romney will bring up that point in the debates, because BO and his clown side-kick have been lying through their teeth about “saving” GM from bankruptcy. People in Ohio need to wake up and pay attention.
Hey its always good to remind everyone what really happened. GM is still going bankrupt now. How can you sell a product that cost 90K to build, and sell it for 40K? Not good business!