You and I have lost $10 billion on the GM bailout. If you think the head of GM is grateful to you for propping up the company that was so mismanaged it couldn’t survive in the real marketplace, you would be wrong. From USA Today comes the comments of GM CEO Dan Akerson, who says GM will not pay back the $10 billion.
He says Treasury officials took the same risk assumed by anyone who purchases stock.
“I would not accept the premise that this was a bad deal,” Akerson said during a question-and-answer session at the National Press Club in Washington. He also said the government’s $49.5-billion aid to GM helped save billions of dollars in tax revenue and government social services.
Crony capitalism is alive and well — and it’s not pretty. GM reaps the benefit — and you and I are stuck with the loss
