GM Went Bankrupt!

Make no mistake, General Motors went bankrupt, and 1.2 million jobs were not saved as the Obama Administration would have you believe. Figures don’t lie, but liars figure. It is that simple.

A newspaper friend of mine, Gary Gerard, in his column this past week, summarized the Obama fabrication. You should read it. (http://www.timesuniononline.com/main.asp?SectionID=76&SubSectionID=339&ArticleID=68244&TM=39233.91).

What really occurred, succinctly, is spelled out by Mark Modica, of the National Legal and Policy Center:

“This one is not debatable, the court dockets exist. Not only did GM go bankrupt, but the Obama Administration used taxpayer money to manipulate the bankruptcy process and assure that political friends in the UAW received favorable treatment compared to non-union claims.

The evidence that union friends of Obama received favorable treatment is also irrefutable. In a normal bankruptcy, liabilities and creditors would be ranked with unsecured claims being treated equally (which wasn’t done under the Obama manipulated bankruptcy) and negotiated through a “managed” process.”

The Daily Caller further asserts: “E-mails obtained by the Daily Caller show that the U.S. Treasury Department, led by Timothy Geithner, was the driving force behind terminating the pensions of 20,000 salaried retirees at the Delphi auto parts manufacturing company. The move, made in 2009 while the Obama administration implemented its auto bailout plan, appears to have been made solely because those retirees were NOT members of labor unions.”

By the way, those e-mails, according to Gerard’s meticulous research for his column, contradict the sworn testimony by the Obama administration hacks in court and before Congress. They said the non-union pensions lost was the fault of the Pension Benefit Guaranty Corporation. Interestingly, UAW pensions did not suffer a dime of loss.

How can the Obama Administration claim saving 1.5 million jobs, when GM only employs 77,000 throughout its entire U.S. operations? Even if GM had been subject to the normal bankruptcy process, and closed its doors forever, a million jobs lost is a total fabrication. Include all GM suppliers, presuming they would also go bankrupt, and total number of jobs only increases to 350,000.

“Proponents of the saving of GM also keep saying that GM is back to being the No. 1 auto maker in the world, which is false”, Gerard says.

Toyota is number 1, and, soon, Volkswagen will take the number two spot. GM sales, up 10 percent from 2011, still lag behind Ford, Chrysler, Toyota, Honda, Kia, Subaru and Volkswagen; further, GM is losing market share, and stock prices lag. Additionally, GM has NOT paid back the $50 billion in taxpayer dollars, as advertised. They still owe $27 billion!

Do your own research, as the above writers have done. Gerard says go here to open your eyes: http://tinyurl.com/8pqrqk5.

Remember what the congressman shouted during an Obama speech: “You lie!”

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