Last I remember is that Bush initiated the TARP thing and Obama took it further and all those tax dollars were to stop GM and Chrysler filing for bankruptcy and keep union jobs.
The Fedgov screwed over the bond holders (100% loss) for the sake of a pact with the auto unions, while claiming the country couldn't allow such large companies go into Chapter 11 (too big to fail).
Huge mistake. Know why? Because Ford Motor Company didn't take any of those funds and still managed to survive and profit. The Fedgov hysteria about GM and Chrysler going down would kill our economy was all about union jobs.
What am I missing here? Pretty sure that's how it worked. If wrong, please refresh me...
Your take on these claims/ statements mirrors my recall of then situations as they occurred. Obama stole GM from the GM bondholders and gave it to the union. If GM had declared bankruptcy, the bondholders would have been first in line for any recovered assets. In the Obama theft, the bondholders got screwed.