Auto Bailout articles

In late December with the blessing of President-elect Obama, the federal government bailed out American automakers General Motors and Chrysler with billions in taxpayer money from the $700 billion Troubled Asset Recovery Program, otherwise known as TARP.   The two companies were given loans totaling $17.3 billion in order to continue operations and avoid what top executives at both companies testified to Congress would be imminent bankruptcy.  Now they are back asking for more.  The Obama administration announced on March 30th that it will continue to fund operations at both GM and Chrysler with tax payer dollars, but did not provide a dollar amount. This is not the transparency President Obama promised on the campaign trail.

In early March President Obama bailed out auto suppliers who claimed they were not getting paid for goods and services they had provided to GM and Chrysler, leaving the taxpayer to wonder: what did the two automakers use the $17.4 billion they received in December for if not to pay down their debts?

Rather than allowing these private companies to enter the already well-established process of bankruptcy restructuring, President Obama is intent on ballooning our national debt by throwing billions more into these businesses that have already failed.  


GM Bankruptcy’s Biggest Losers: Taxpayers, Car Buyers and Ford Motor Company
06.05.09

by Penny Wise   Now that General Motors has entered bankruptcy proceedings, President Obama says he wants politics out of the restructuring of GM, even though taxpayers own over 60 percent of the company. "What we are not doing — what I have no interest in doing...

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