"Cronyism:" Documenting corruption in the Obama administration.

Anyone who bothers to think beyond the lies told by Obama bootlickers knows that the GM takeover was one of the most blatant examples of corrupt, gangster government in my lifetime;

GM received at least $50 billion in government aid and thus far has saddled taxpayers with a $25 billion loss. Thanks to a special break approved by the Obama Treasury Department, it is escaping and will continue to escape paying tens of billions in income taxes on its post-bankruptcy income by carrying forward its pre-bankruptcy losses, something other firms emerging from insolvency cannot do. At least $70 billion in these and other subsidies, tax benefits, and assorted favors — an amount which is probably greater than the cronyism losses seen during any other single presidential term before the turn of the century – has been expended in the name of protecting roughly 70,000 jobs (that’s $1 million per job) and keeping the United Auto Workers Union alive. Despite all of Uncle Sam’s help, GM has seen its U.S. market share shrink to 18%. According to some experts, it is mismanaging its way to a still distant but distinctly possible return to bankruptcy.

We keep hearing that Obama saved GM from going bankrupt and throwing millions out of work. False and false. The fact is that Obama took GM through bankruptcy. Second, a regular bankruptcy without government control would not have shut GM down. Companies go bankrupt all the time while continuing to operate and return to profitability. Want examples? Look at virtually the entire airline industry and you see example after example of airlines going bankrupt and either being acquired by stronger airlines or emerging from chapter 11 stronger than ever. It’s a big fat lie that without a government takeover GM would have closed its doors. What really happened is that the stock and bondholders of GM were screwed while the company was given to the Obama cronies in the UAW and an Obama appointee was installed as President and told what kind of cars to make. The Chevy Volt, a four wheel firetrap, is the result.