The Obamanation Administration forced the old general manager to resign. Now the new management team is trying to give ownership in the company to the union and to the government, and to screw the lenders who invested their money in General Motors.
This quote has it exactly right: “Calling the proposal ‘neither reasonable nor adequate,’ an ad hoc committee of GM bondholders said it believed ‘the offer to be a blatant disregard of fairness for the bondholders who have funded this company, and amounts to using taxpayer money to show political favouritism of one creditor over another’.”
This is Obama using our tax dollars to buy General Motors and give it to his supporters, the United Autoworkers’ Union. The union was at least half the problem why G.M. is in this mess to start with–inept management being the other half. To reward the union for running this company into bankruptcy