That’s right, GM, General Motors, the car company which was nationalized, is sponsoring a “free enterprise tour.”
Look GM, you have embraced crony capitalism at every turn. Don’t you even think for a moment that you can associate yourself with honest business, with free enterprise.
Of course that’s why they’re sponsoring this thing. They want people to forget what was done to the taxpayers of this country. The bloated, government dependent, union driven testament to cronyism wants to buddy up with the image of the American entrepreneur, the great (legitimate) American hero.
GM can do what it wants I suppose. They are the government’s favorite car company.
(From The Detroit News)
The Treasury now owns 16 percent of GM and has recouped about $30.7 billion of its bailout. At current market prices, U.S. taxpayers would lose about $10 billion on the GM bailout. GM still operates under government oversight for executive pay. In April, Treasury rejected proposed cash salary pay increases for 12 of GM’s top 25 executives.