OBAMA OMNIPOTENCY: No Matter HOW Many Times You See This Crap

…it STILL has the power to make you barf.

Model corruption
The truth about the GM ‘rescue’

…Bondholders — investors ranging from large institutions to retirees just scraping by, who loaned GM a total of $27 billion — received just 10 percent of the company. By contrast, the government’s $50 billion gave it about 61 percent.

And the union — in return for the $20 billion that GM owed its health trust — got a remarkable 17.5 percent of the stock plus $2.5 billion in cash plus $6.5 billion in preferred stock carrying a dividend of about 9 percent.

In other words, the UAW got three to four times as much as the bondholders for a smaller claim on GM’s assets.

The union even boasted to its members in May 2009 that it had made no concessions on pay, health care or pensions in the restructuring.

4 Responses to “OBAMA OMNIPOTENCY: No Matter HOW Many Times You See This Crap”

  1. Gary from Jersey says:

    Join the buycott. Don’t buy GM or Chrysler or do business with any of Obama’s toys.

  2. Skyler says:

    If the union owns the company, wouldn’t that make them management, and wouldn’t that make them ineligible to be in the union?

    Nah, that would make too much sense.

  3. Skyler says:

    I think what the workers need is another layer of union to bargain for them against the union/owner.

  4. don says:

    Kinda sickening the mathematics involved here in the division. I have to believe that not all is fair in this world, but, I agree, this is ridiculous.

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