Obama Loses $16 Billion of your Money in GM Bailout

Forget Solyndra.  Solyndra was chump change at $500 million dollars lost in support of Obama’s cronies.

No, the bigger scandal is the $49 billion worth of taxpayer dollars that went to his cronies at GM, $16 billion of which has gone down the memory hole.

Republican Mitt Romney believes President Barack Obama is holding on to the government’s stake in General Motors to avoid an embarrassing financial loss before the election, and says he’d sell the stock quickly if he wins the White House….

As part of the government’s GM bailout, the U.S. Treasury still holds a 26 percent stake in the Detroit automaker, and has been sitting on that share for 35 months….

At GM’s Monday closing price of $21.11 a share, the government would lose $16 billion on its $49.5 billion bailout.

When the government invests your money it also risks losing your money.  The only guaranteed winners here are the politically connected.

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About blogs4mitt

Mitt Romney for President!
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