Apparently the money GM has made since "recovering" the business and money it had previously "lost" has no obligation to its shareholders who, you'll recall, really got, um, screwed in the negotiations process, contrary to the fate of the unions involved.
Remembering that Obama's philosophy has been pro-union, anti-shareholders, anti-business, anti-bank and anti m/billionaires, read what The Blaze learned in June:
“I received common shares paying absolutely no dividends at $32/share and they have since deteriorated,” Richard Wills, a GM investor who’s frustrated with the lack of return on his investment, said at GM’s annual meeting.
“Now you have made billions of dollars. We are putting money into plants; we are funding the pension fund, this is all very good but I frankly doubt that I will ever buy another GM product,” he added.
This pretty much sums up the mood among many GM shareholders.It seems GM still owes the taxpayers about $50 billion, chump change in this administration but still, dishonest tactics are being utilized to hoodwink taxpayers, who will apparently put up with anything, into believing the loans have been repaid. From UTSandiego:
The first is that those who study the government’s own reports have found that “GM is paying the government back with government money, not money GM is earning selling cars, as the administration has claimed,” in the description of Investor’s Business Daily.
The second is that this subterfuge is being executed by an administration that holds up as another of its signature achievements its efforts to clean up corrupt Wall Street accounting practices, including legislation expanding financial regulations that is likely to produce a bitter Senate fight in coming weeks.Not to be outdone with throwing money away, the government's DOE has taken the Volt, which isn't selling very well, btw, and created a "Volt village," funded by, of course, the taxpayers. Residents received substantial discounts (like $15,000) to purchase their Volt:
Pecan Street is funded by a $10.4 million grant from the Energy Department and more than $14 million in matching funds from project partners. Although Pecan Street oversees the consortia, it also includes researchers from the University of Texas, the National Renewable Energy Laboratory and the Environmental Defense Fund. It's housed in the University of Texas at Austin.Who wants to bet the "project partners" include more grants from taxpayers and maybe even college students' tuition funds.
Oh, and GM just blew 600$ million on sponsoring a British soccer team.
Chevy sold 7,671 Volts last year. Though the greenies are bragging that sales are currently up, what they might not be noting is that government purchases of GM cars soared 79% to make that happen, many of which are undoubtedly Volts.
What's not to trust?