Saturday, September 25

President Obama saved General Motors, right?

Paul Roderick Gregory at Forbes:

Obama’s claim that he saved GM from bankruptcy is false. Even a bizarre bankruptcy is a bankruptcy is a bankruptcy, to paraphrase Gertrude Stein, for my intellectual readers. Obama’s cars Czar strong armed GM through a political bankruptcy that flaunted judicial practice to reward Obama’s union allies and protect their gold-plated pensions, put the government in charge of product lines and investment, cheat creditors, and leave taxpayers on the hook for tens of billions of dollars.

Just ask the tens of thousands of retirees who sunk their life savings into now-worthless GM stock, whether Obama “saved” GM? Ask small bondholder, Debra June, whose $70,000 investment in GM bonds is now worth $200, whether Obama’s GM bankruptcy was fair to all or favored his political cronies?

More at Ohioans Are No Fools: Obama Did NOT Save Your Automotive Jobs