You may recall that during the presidential election, the Treasury
Department refused requests by General Motors to unload the government's
stake in the giant automaker.
Taxpayers had sunk $50 billion into a union bailout in 2009 and were now proud owners of 26.5 percent of the struggling company. Reportedly, GM had growing concerns that the stigma of "Government Motors" was hurting sales in the United States. At the time, any transaction would have come at a steep loss to taxpayers and undermined the president's questionable campaign assertions that the auto union rescue had been a huge success.
Read more: http://townhall.com/columnists/davidharsanyi/2012/12/20/the-auto-bailout-failure-is-now-complete-n1470755/page/full/
Taxpayers had sunk $50 billion into a union bailout in 2009 and were now proud owners of 26.5 percent of the struggling company. Reportedly, GM had growing concerns that the stigma of "Government Motors" was hurting sales in the United States. At the time, any transaction would have come at a steep loss to taxpayers and undermined the president's questionable campaign assertions that the auto union rescue had been a huge success.
Read more: http://townhall.com/columnists/davidharsanyi/2012/12/20/the-auto-bailout-failure-is-now-complete-n1470755/page/full/
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