The news this morning:
General Motors earned its largest profit ever in 2011, two years after it nearly collapsed into financial ruin . . . GM also said Thursday that its 47,500 blue-collar workers in the U.S. will get $7,000 profit-sharing checks in March.
Hmm. That’s strange. The unionized workers of GM are getting $7,000 each, while taxpayers are still on the hook. If the federal government sold its stock in GM today, taxpayers would lose $14 billion.
The Atlantic is already snarking, “Just don’t tell the Republican candidates that the bailout worked.”
Amazing how easy it is to return to profitability when the federal government gives you $60 billion, with zero interest and no particular deadline on paying it back, and lets you write off up to $45 billion in old losses.
http://www.nationalreview.com/campaign-spot/291226/gms-biggest-profit-ever-still-doesnt-help-taxpayers
| 