Today, President Obama announced GM’s bankruptcy.
From Rich Galen’s Mullings:
He may or may not get into all of the details, but Obama will own over 72.5 percent of whatever the “new” GM looks like with a trust fund of the United Auto Workers owning the second biggest chunk at 17.5 percent.
For those of you who, like me, are deficient when it comes to carrying-the-ones I did the arithmetic: The Obama Administration and the UAW will own 90 percent of General Motors.
As we mentioned here on 3BP back in March, Obama’s White House owns GM. Not just literally, but politically.
Because of this, he will spend whatever it takes to make the corporation succeed. And that’s bad news for taxpayers. Why? Because he will fail.
As John Boehner was quoted this morning, “does anyone really believe politicians & bureaucrats in DC can successfully steer a multinational corporation to economic viability?”
I dare someone to say yes.