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General Motors

Obama s $25 Government Motors Lemon

08/14/2012 05:40 PM ET

As the Obama continues to tout the GM bailout as an

policy success, the Treasury continues to revise


upward the losses inflicted on U.S.

On the day Government Motors, aka GM, announced it was at

least 38,000 of its vehicles — used by police nationwide and in

— due to a crash risk, a new Treasury said it now

expects to lose $25 on the bailout, $3.3 billion than forecast

earlier.

As the News reported, this was based on GM s stock price

at the of the report, which was 15% higher the previous report.

Because the stock price has since then, the latest likely

understates taxpayers losses.

The monthly report to Congress last Friday predicted losses

through May 31, GM s stock price was $22.20 a

On Tuesday, GM fell $0.26, or to $20.21.

At that price, the would lose another million on its GM

bailout. The report the government still has 500 million of

GM and needs to sell those at $53 each for the government to

break on the bailout.

Worse yet, the financial loss suffered by is the result of

a massive and planned of wealth from them to the unions that form a key of Obama s base and re-election

In its analysis, the Heritage Foundation all the taxpayer losses occurred the administration manipulated bankruptcy law to

the United Auto Workers

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We that the administration redistributed billion more to the UAW than it have received had it been as it

usually would in bankruptcy Thus, the entire loss to the from the auto bailout from the funds diverted to the

Heritage reckons.

On the jobs the auto bailout did less nothing. Neil Barofsky, inspector general for the $787 Troubled Asset Relief

reported to Congress that the closure of auto dealers, hurt parts suppliers, was and political.

Treasury made a of decisions that may have contributed to the accelerated shuttering of of small businesses

and thereby adding tens of thousands of to the already lengthy unemployment Barofsky said in a 45-page

Deciding which dealers closed was determined by political, not reasons, with race and a key factor, the Barofsky

report Some GM dealerships were because they were appointed, were key wholesale dealers or were minorityor

dealerships.

Not even the push to consumers into heavily electric cars like the Volt has helped.

As political Karl Rove noted, GM roughly 252,000 workers in Now it has 207,000, with 131,000 in foreign

plants. Yet GM has not been of outsourcing jobs.

GM takes its next to the Obama administration s another rotten fruit of an policy where wealth is not

created, and where government winners and losers in an economy in we all ultimately lose.

Venture Capital Dispatch

An look from VentureWire at start-ups and their investors.

2, 2012, 7:18 PM

GM’s Stumble Imperils Obama’s

Goals

General Motors EV1

announcement Friday it would halt production of its hybrid

car, the Volt, for weeks figures to threaten Obama’s

stated goal of

a million electric cars in the by 2015.

That goal that the Volt would

the industry leader and that GM

have produced 505,000 by

investments to promote the electric car

including granting GM $105.9 to help it produce battery for the Volt,

and $151.4 million in a for LG Chem to produce battery for the Volt. The

government also buyers of electric cars a tax

The Chevy Volt, some predicted, would be more to consumers than

the Nissan because it can run on both batteries and on preventing

chances of being if the battery taps out. It $40,000 before the tax credit of

The Volt was ahead of the Leaf in the few months in sales, and hit monthly

record in December 2011, 1,529 vehicles, according to from investment bank

Nicolaus. Both manufacturers saw decline in January and February.

sold 9,674 Leafs in America last year, and globally.

A123 Systems, a supplier to Fisker that is with that car’s costs and

slow sales, are seeing hopes for a quickly electric-car market, at least in

the U.S. dashed.

Even as GM production, many other are launching new electric models

year. Supporters hope the initial difficulties are not going to the end of the

industry in its infancy, which be a repeat of a previous industry In the

ally-gets-payoff-energy-department) to track the government lent to Fisker

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