The federal government — that’s you and me — still owns about one-third of General Motors, thanks to a premiere example of crony capitalism that bailed out a company unable to compete in the marketplace as it was structured. Now that GM has grabbed the taxpayer cash, the executives are perturbed. They don’t like the attention being paid to the deal and thus have banned both President Obama and Gov. Romney from touring GM plants during the campaign in hopes of diverting attention from the massive taxpayer bailout of the company.
“We would like to put all of our energy behind selling our cars and trucks,” said Bob Ferguson, GM’s vice president for global public policy. “It’s an understatement to say we can’t wait for November to get here.”
GM and experts say the company has been intentionally less visible in lobbying on some federal issues and is, in effect, taking cover until the election is over.
Memo to Mr. Ferguson: Your entitlement attitude is palpable to those of us who have paid to keep you afloat. And if you’re wondering how GM is really doing, here’s a good recap. And for those interested in more on crony capitalism — the kind that takes place right here in North Carolina, JLF’s Jon Sanders has put together a great resource.
