Continued Fleecing of Taxpayers by Government Motors

Today, Government Motors will issue an "initial" public offering of taxpayer-owned GM stock. While the taxpayers and shafted secured debt holders of GM paid for GM's bailout, the taxpayers took about a half interest in Government Motors and Obama gave the other half to the UAW, which invested nothing. Obama's justification that the labor of the UAW workers on the line amounts to corporate capital is straight out of Karl Marx's Das Kaptial.

Today's Government Motors stock firesale means that the taxpayers will see a permanent loss of over 9 billion dollars on the GM bailout. Furthermore, it will make the UAW the largest single shareholder and corporate controller of Government Motors.

In their wildest dreams the union thugs in this country would never have imagined that a president would transfer the ownership of GM to the unions, but it has indeed occurred -- and financed by the taxpayers and secured debt holders of GM to boot!

The transfer of taxpayer wealth to unions continues unabated, and more generosity to Government Motors new union owners is forthcoming. Wait until Obama and the Democrats forgive the loans to Government Motors Ed Whiteacre lied about repaying.