With Stocks Plummeting, GM Owes The Taxpayers Roughly $41 Billion
Last year Obama adviser David Axelrod was putting forward what he thought ought to be his boss’ campaign slogan for 2012. “You know his slogan should be GM is alive and Bin Laden is dead,” said Axelrod.
But last week General Motors stock hit a low value of $18.80, down 52% from January of 2011. This, of course, has diminished the value of the stock the taxpayers still own in the company which still owes $41 billion to the government:
Despite President Barack Obama’s stories about a resurgent GM ready to repay its bailout tab, the automaker and its former bank still owe taxpayers nearly $42 billion, according to an inspector general’s report.
GM owes $27 billion on the nearly $50 billion it received from the auto bailout and Ally Bank, the company’s lending arm, owes $14.7 billion of the $17.2 billion taxpayer-funded bailout it received.
Not only was General Motors a bad investment, the Obama administration is trying to make us believe it was a good investment.
But please, Democrats, tell us more about Mitt Romney’s bad investments when he was at Bain Capital. Investments that, bad or not, were at least made voluntarily with private dollars.Tags: auto bailouts, Barack Obama, david axelrod, general motors, mitt romney