The CEO of Government Motors (GM) does not think his company should pay the government (read taxpayers) the 10 BILLION dollars that were lost when the Treasury sold its interest in the company. According to Dan Akerson the Treasury knew it was taking a risk, the same risk as anyone who purchases stock, when it spend billions of taxpayer dollars to keep the company from going bankrupt.
Akerson points out that the bailout helped prevent the loss of the company and kept jobs from being lost. But he also points out that Treasury took a chance when it infused money into the company by purchasing stock.
So what this guy is saying is, you took a chance with taxpayer dollars and that chance did not pan out to the tune of a 10 BILLION dollar loss. He does not feel the need to reimburse the taxpayers whose money kept the company around.
Isn’t it funny that this guy feels the government took a chance that had a risk associated with it and lost so it has no obligation to pay the money but he had no problem with taxpayers spending money to bail his company out. Owning and running a business has certain risks associated with it and one of those risks is going bankrupt. But Akerson does not feel his company should have to suffer the consequences of the risk associated with owning or running a company.
He feels his problems should be paid for by others but that any loss those folks suffered was their problem and not his.
The bankruptcy of GM was not the problem of the taxpayer. It was the problem of GM.
Mitt Romney said GM and other auto companies should not receive a bailout and should go through bankruptcy and solve THEIR problems that way.
Obama and his followers hammered Romney and said if it was up to him the auto companies would have gone under.
Romney had it right. GM bit the hand that fed it and we lost 10 BILLION dollars in the process.
Ford did not take a bailout and was able to work through tough times. That is why my new car is a Ford.
I loved my Jeep but could not replace it with another after Chrysler took a bailout.
Remember that you suffered a 10 BILLION dollar loss when you are out shopping for a new car. Do not buy a GM product.
No sense in rewarding a company that took advantage of the people who were forced to spend their hard earned money enriching executives and keeping union workers employed so they could continue voting Democrat.
Never surrender, never submit.