From the Detroit News comes the surreal story of the day.
General Motors Co. is sponsoring a two-month cross-country tour on the importance of free enterprise in the U.S. economy.
The Detroit automaker is the official vehicle
sponsor for the U.S. Chamber of Commerce’s “On the Road with Free Enterprise” tour, a two-month cross-country road trip “to tell the story of free enterprise and what it means to the American economy.”
Now for the reality.
The Treasury now owns 16 percent of GM and has recouped about $30.7 billion of its bailout. At current market prices, U.S. taxpayers would lose about $10 billion on the GM bailout. GM still operates under government oversight for executive pay. In April, Treasury rejected proposed cash salary pay increases for 12 of GM’s top 25 executives.
Let’s just say GM isn’t an authority on the free market.
