Yes, we have been lied to again.
And the bailout beat just keeps on thumping.
No recoevry plan, no reorgainztion plan, no repayment plan and no Congressional Approval required.
You may have read or heard the reports that GM would not need any “bailout cash” for March 2009. That the $2 Billion originally requested in March was unnecessary. http://www.ajc.com/business/content/business/stories/2009/03/13/GM_Bailout.html
GM reported that the “restructuring” and “delayed payments” to suppliers “turned things around”.
What a lie.
Today the Obama Administration announced a new program – direct payment to GM & Chrysler parts suppliers – A direct intervention into the automakers supply chain – to the tune of $5 Billion additional taxpayer dollars. http://www.bloomberg.com/apps/news?pid=20601087&sid=a4WnIZRxLwlU&refer=home
Still no specifics on the GM restructuring plan, no exit strategy from the Treasury Department and no meaningful plan to recapture these taxpayer dollars.
Worse still, the plan clearly discriminates against foreign owned but domestically located auto plants, the workers employed by those plants and the auto supplier chains and dealerships associated with those plants. The communities in which they do business are not being treated equally in this economy are they?
When is enough going to be enough!
Filed under: Politics