The Obama administration pushes the false narrative that GM, Government Motors, paid back the taxpayers, when they hardly paid us back at all. Not only that, they still borrow money from us on an ongoing basis to keep afloat.
That didn’t keep them from “investing” $170 million of our tax dollars to a British soccer team with the commitment to spend $60 to $70 million every year thereafter. This is what you call taxation without representation.
General Motors will replace AON as Manchester United’s jersey sponsor beginning with the 2014-15 season under a seven-year deal valued at $60-70 million annually, Reuters reports.GM will pay at least double what AON currently pays, in addition to a $100 million activation fee, a source told the news service.
The jersey sponsorship is separate from GM’s five-year sponsorship with Man U announced in May, which analysts say is worth “at least tens of millions of dollars,” according to Reuters…
Investors estimates that GM still owes the lion’s share of the $119 billion from the TARP bailout they received. GM owes more than half of the $50 billion in federal funds it received. Its lending arm, GMAC (Ally Financial) owes $14.5 billion.
The money they claim they repaid came from a government escrow account as part of a shell game they played. They paid us some money back with our own money (TARP).
Worse yet, they are still borrowing from us. We own much of the company.
We paid $55 a share for GM stock and it is now worth $19.71.
Another Obama investment! All he had to do was let the company go through bankruptcy so they could come out solvent. Instead, he’s made them a ward of the state, and a profligate one at that.