Pass this on!
While it was the U.S. taxpayers who bailed out G.M. and kept the company afloat to the benefit of the unions and detriment of secured bondholders, the corporation is now looking more and more like a subsidiary of the communist government in China!
A recent postscript on the bailout from Joshuapundit:
The cost of the Obama Administration’s bailout of General Motors keeps rising. GM shares fell to a 2012 low of 19.57 yesterday.
If you recall, GM’s starting share price in the company’s initial public offering (IPO) after the bailout was $33 per share. Most experts estimated that the stock would have to rise to at least $52 and by some estimates as high as $103 in order for the taxpayers to just break even on the large block of shares the government was holding as ‘collateral’ for the $85 billion bailout.