For the second time President Obama has falsely claimed that General Motors repaid the bailout they received from the American taxpayers.
The first time Obama lied to the American people about GM repaying its loan was in April 2010. This past Saturday the president was at it again telling a crowd in Ohio “Chrysler has repaid every dime and more of what it owes American taxpayers for their support during my presidency.”
Glenn Kessler does an outstanding job ripping the president apart at his blog the Fact Checker but the key to Obama’s argument are the words “during my presidency.” You see President Obama is just playing politics by not counting the first bailout that GM received while President Bush was still in office. It has gotten to the point that if Obama is speaking you can assume he’s lying. This guy makes Bill Clinton look like Abe Lincoln.
The president also touts the fact that the administration is in the process of completing its divestiture of GM stock. On the surface this sounds great but according to the Wall Street Journal, the government still owns some 500 million shares and is selling them at nearly a fifty-percent loss of the taxpayer’s hard earned money. When all is said and done, Italian automaker Fiat will own a majority stake in General Motors with the United Auto Workers owning the other forty-six percent.
When you think about it the UAW made out like bandits. They made just over $23 million in donations to the Democrat Party from 2000 to 2008, with over $4 million going to Obama, and walked away with significant ownership in the world’s second largest auto maker. Not a bad return on their investment wouldn’t you say? A $4 million investment gets you a forty-six percent stake in a company with a market cap (value) of $45 billion.