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.