Again and again, the Democrat National Convention bragged that Obama saved the auto industry.
That is debatable given the current state of GM. But not only that, if you are a taxpayer or, God forbid, were a GM bondholder, you pretty much got the shaft in the GM bail-out and IPO (no pun intended). Read what I wrote back in 2010 for a reminder:
As if the Obama Administration has not ripped off the taxpayers enough already with the GM bail-out, the regime is doing it again. The feds are selling off their shares of GM in an IPO this week. And it is expected to go well.
But if you are thinking that you, the U. S. taxpayers can make back some money by participating in the IPO, you probably have to think again. The average guy cannot participate, and many brokers, including the one I use and Schwab among others, are cut out of the deal altogether.
So us taxpayers foot the bill for the GM bail-out, but we do not get to make some money back by participating in the IPO? That is an outrage.
…the policy of the Obama Administration is to force taxpayers to bail out GM and its unions, then stiff-arm those same taxpayers in the privatization.
But there’s more, including an angry bondholder’s take. Go and read. For this sorry bail-out is clearly a cornerstone of the Obama campaign.