Crony capitalism is spelled: U.A.W.

Michael Becker
Liberty News Network
24 Feb 2012 has a great piece about the hypocrisy of the Obama Administration and their freewheeling ways with taxpayers your money. It is, of course, an article about the entity known as “Government Motors”.

In case you missed it, GM is making huge profits. They made $8B last year and are projecting $10B this year. Now don’t get me wrong, I’m a big fan of profitable corporations. What I’m not a fan of is bloodsucking unions conspiring with toady management to line their collective pockets while screwing secured bond holders (primarily retirees and retirement funds) and taxpayers me. If you read my previous article on this subject, you’ll know I take it personally…

…the administration gave GM about $10 billion more than was strictly necessary to finance its bankruptcy. The money contributed to GM’s nice $33 billion cash cushion right now. GM could use this money to buy its own stock and bid up prices, mitigating taxpayer losses—or pay dividends. But McAlinden doesn’t believe that’s what GM will do. It could use the money to pay off its obligations to the union health-care trust fund, making this a direct infusion of cash from taxpayers to unions

Or it will use the money toward product development, putting its competitors at a disadvantage…

Read the entire article at Liberty News Network.

H/T Beltway Addicts

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