It should come as no surprise that Obama once again is lying to the American Public regarding the real taxpayer losses on the General Motors Bailout. Obama continues to deceive Americans to make himself and the Obama Motors look good. This stinks to high heaven and you need to understand just how corrupt this administration is, and this is ONLY ONE EXAMPLE.
First of all, just so the left does not complain about fairness, let’s get EXACTLY what Obama said in November of 2010:
“American taxpayers are now positioned to recover more than my administration invested in GM, and that’s a good thing.”
“American taxpayers are now positioned to recover more than my administration invested in GM…”
First of all, Obama nor his administration invested one red cent in GM, HE INVESTED OUR MONEY IN GM.
Facts you should know because they are important in order to understand the magnitude and depth of the lies.
- Bankruptcy Scam: The original company called GENERAL MOTORS DID NOT SURVIVE BANKRUPTCY. It is gone! A whole new company was started with the SAME NAME and that new company ACQUIRED ALL OF THE ASSETS OF THE OLD GENERAL MOTORS.
- Liability Scam: Most of the LIABILITIES from the original company, including those to secured creditors, bond holders and stockholders, WERE DUMPED INTO THE OBAMA GARBAGE CAN and those people simply lost out without compensation by the new GM. This is what Banana Republics do when they confiscate companies, not the US government. How would you like to use someone else’s money to buy a company, and, you get all of the assets but very little of the Liabilities? Such a deal!
- Tax Swindle: When the old company was incinerated by Obama, normally this would mean that the company and its TAX HISTORY and LOSS CARRY FORWARD was lost too. This is critical. Obama and Geithner pull a fast one and allowed the New GM to have the loss carry forwards from the Old GM that no longer existed. THIS IS A FLAGRANT VIOLATION OF THE US TAX CODE AND NO OTHER SINGLE AMERICAN OR AMERICAN COMPANY HAS ACCESS TO THIS BENEFIT. This resulted in a $45,000,000,000 TAX BREAK that you, the American Taxpayer are paying for as if you had written GM a check. These are tax dollars that ARE OWED but will NEVER be PAID… There is a further tax break of $14,000,000,000 that GM will take this year. Obama’s rationale is “GM will be able to skip its tax tab due to years of massive losses”. BUT, THE COMPANY THAT SUFFERED THOSE LOSES DOES NOT EXIST!!! Ford Motor Company and the American Taxpayers, should sue Obama under the Equal Protection Clause of the 14th Amendment which states in part: “”no state shall … deny to any person within its jurisdiction the equal protection of the laws”.
- Stock Swindle #1 Over Stating Stock Prices: Obama is betting that he will be able to see OUR remaining shares of GM stock at a much higher price that the stock is trading at today. If we sold today, we would lose another $25,000,000,000. WHEN OBAMA TALKS ABOUT THE VALUE OF OUR INVESTMENT IN GM, HE SHOULD USE CURRENT VALUE, NOT SOME NUMBER HE AND GEITHNER MAKE UP.
- Stock Swindle #2-the UAW: The United Auto Workers Union, who is at least half responsible for the original GM’s going out of business, was allowed to sell its stock right after the initial public offering for the NEW GM. This violates a lot of SEC laws. Original investors in start-ups IPO companies are forced to take 144 Stock that cannot be sold for at least one year. This is to protect the stock market investors who begin buying and selling the new stock when it hits the market. Obama and Geithner gave the UAW a DISPENSATION and allowed them to start selling their stock in the New GM early. The UAW received $3,400,000,000 from the sale if only 1/3 of their stock that Obama, oops I mean you, gave the UAW for nothing. Meanwhile, the US Taxpayers shares are being hammered by the UAW stock sales and the lousy performance by the NEW GM!
So, what is the bottom line to the GM Bailout? The American Taxpayer could lose as much as $84,000,000,000 on our INVESTMENT in GM rather than being repaid in full as Obama keeps telling you. WHERE ON GOD’S GREEN EARTH IS THE MEDIA? There are extra-legal and constitutional issues all over this transaction and no one is saying a word.
The Cherry on Top: Has anyone told you that the new GM is receiving PREFERENTIAL TREATMENT by being able to OFFER buyers of the Chevy Volt a $7,500, now instant, rebate when they buy one of these LEMONS? How about buyers of the Toyota Prius? Same exact mileage and technology? How about Toyota and all of the Prius buyers getting together and filing suit against Obama for his violation of the Equal Protection Clause of the 14th Amendment as well. This guy does not care about the Constitution or the Rule of Law. He only cares about his own skin and that of the Unions which is one and the same.
Where is Congress on this? Where are the Tea Parties on this?
This is corruption at a level that makes Watergate look like child’s play.
How much did the American Taxpayer lose due to Watergate? ZERO.
Congressional oversight report, March 2011: http://cop.senate.gov/documents/cop-031611-report.pdf