The Patriot Post® · GM Doesn't Owe $10B

The federal government’s bailout of GM cost taxpayers $10 billion but don’t look to GM for sympathy. CEO Dan Akerson says that there’s no way his company should make up the difference because the U.S. Treasury assumed the same risk as anyone else who buys company stock. “I would not accept the premise that this was a bad deal,” Akerson said. The difference, of course, is that taxpayer money was redistributed to GM – the government owned half of the company at one point – while buying stock is generally a voluntary action. But at least Barack Obama kept his promise to “not let Detroit go bankrupt.” Er, oops.