Let‘s see if you’re familiar with the following:
That’s right, GM, which still owes about $25 billion in TARP [Troubled Assets Relief Program] repayments, invested more than $400 million in a French car company that’s “drowning in red ink,” The Blaze reported in March.
And by “invested,” we kinda’-sorta’ mean “bailed out.”
In fact, Peugeot was is such poor shape when GM announced the bailout, er, “investment” that even ABC News accused General Motors of essential dumping “more than $400 million of taxpayer assets on junk bonds.”
Read more: http://www.theblaze.com/stories/bailout-blues-despite-400m-bailout-from-gm-french-automaker-announces-mass-layoffs/
1) The Obama administration invests more than $50 billion taxpayer dollars in General MotorsWait, what? What was that bit about Peugeot?
2) The feds, who won’t sell the stock, own about one-third of the company
3) The Obama administration’s “car czar” Steve Rattner forces out GM CEO Rick Wagoner and replaces him with Frederick “Fritz” Henderson
4) GM goes public in 2010
5) GM bails out French automaker PSA Peugeot-Citroen
6) GM scores itself a sweetheart tax deal
7) Shareholders claim they aren’t seeing any return on investment
That’s right, GM, which still owes about $25 billion in TARP [Troubled Assets Relief Program] repayments, invested more than $400 million in a French car company that’s “drowning in red ink,” The Blaze reported in March.
And by “invested,” we kinda’-sorta’ mean “bailed out.”
In fact, Peugeot was is such poor shape when GM announced the bailout, er, “investment” that even ABC News accused General Motors of essential dumping “more than $400 million of taxpayer assets on junk bonds.”
Read more: http://www.theblaze.com/stories/bailout-blues-despite-400m-bailout-from-gm-french-automaker-announces-mass-layoffs/
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