News from the U.S. Treasury Department today reveals that the Obama administration will allow General Motors (GM) to buy back from the government 200,000,000 shares of GM stock at a steep discount. This is merely money laundering for profit by GM and government, and at the expense of the taxpayer.
Without going into nauseating detail about the numbers, bankruptcy, bailout, and nationalization of GM, or the billions upon billions of taxpayer dollars given to them by the corrupt government, here is the bottom line.
Both GM and this thieving government will claim that GM is paying back all the bailout money, and that GM is now a viable company. This is a lie. GM, because of the bankruptcy filing, was allowed to default on private debt to creditors in amounts that far exceeded the tens of billions it received from government at all our expense. They will never be required to make whole the shareholders and creditors.
Instead, they were legally allowed to screw all those people who loaned them money, and then were given tens of billions of dollars by the U.S. government. In addition, General Motors was given very valuable government contracts, assuring that GM would have new subsidized profits. Now, the government is selling GM their stock at heavily discounted prices, and will allow this company to continue on as if no collapse ever occurred.
This is your (not my) government at its best. Thieves, crooks, fascists, and destroyers of honestly earned private property for the benefit of the federal government and one of its evil corporate partners!