Politico, May 14:
President Barack Obama and his allies in two big industrial unions appear poised to make the auto bailout — begun under President George W. Bush in 2008 — a central issue of the 2012 campaign. With General Motors back on its feet — it announced $2 billion in new investments at 18 GM plants Tuesday — and losses from the government’s intervention shaping up to be minimal, Democrats hope to punish Republican presidential candidates for their early opposition.
The news, today: “WASHINGTON – The Obama administration said Wednesday that the government will lose about $14 billion in taxpayer funds from the bailout of the U.S. auto industry.”
Taxpayers spent only $14 billion to get GM to make $2 billion in new investments! Yay!
Also note this comment from the president, which he has probably forgotten, or that he hopes everyone else will forget:
President Obama, July 29, 2010: “We are going to get all the money back that we invested in those car companies.”
As I may have mentioned a time or two, all statements from Barack Obama come with an expiration date. All of them.
$14 billion in taxpayer money lost. $2 billion in new investments. So, where did the other $12 billion go to? United Auto Workers Union perhaps?
Reply to this commentLinkReport Abuseyes, and then from the UAW right into the DNC. It's the Circle of Democrat Life, Simba.
Reply to this commentLinkReport AbuseTHE MONEY WENT TO THE CEOS obamas buddys
Reply to this commentLinkReport AbuseIn fact, GM did not repay the loans with money it earned from selling cars. Instead, GM repaid the TARP loans with money it withdrew from another TARP fund at the Treasury Department .
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