GM Files Bankruptcy, Taxpayers Get Whacked
Well folks, General Motors has filed for Chapter 11 bankruptcy. As a taxpayer, I would just like the $50 Billion the American taxpayer fronted to GM to be accounted for. What bank is it in? What account is it in? Who are the signatories? And why does the President keep saying he doesn’t want to run GM, when he is doing just that?
Ugh. I don’t get it… thankfully, House Republican Whip Eric Cantor does:
“While it is a sad day when an American icon like General Motors declares bankruptcy, I am concerned that thousands of hard working Americans who chose to invest their savings in the company had their rights trampled by this agreement. These working families and retirees had their voices silenced and their savings erased.
“The nature of this bankruptcy agreement raises serious questions about the ultimate cost to millions of Americans. While the government has now subsidized GM to the tune of $50 billion, the Administration has not demonstrated the ability to account for this enormous taxpayer expenditure. That must change – taxpayers deserve far better oversight and accountability.
“In order to make the tough choices required in bankruptcy, the Administration must explain how taxpayer money is being spent, ensure proper oversight, and demonstrate the ability to turn off the taxpayer spigot once and for all.”
Or, more to the point:
Show me the money, indeed.
—Media Lizzy
Transparency should be a given. I recall Obama saying that his administration would be just that. Unfortunately it seems as though that was no more than yet another campaign promise to be filed in the talk is cheap folder.
Pumping our money into this is so sad. There is no reason to believe that we will see anything positive as a result of this action.
How is it correct to shore up the retirement funds of UAW members when mine and those of most other citizens took a massive hit with no support from the government.
Why are people not demanding answers?
Tom
June 1, 2009 at 4:32 pm