The PJ Tatler

GM Wants Its Freedom, but Obama Administration Says 'No' to Hide Taxpayer Losses

Government Motors wants to go back to being General Motors, citing the government’s executive pay restrictions and the damage that its bailout continues to do to the company’s brand. But take a look at why the Obama administration wants to keep GM in its clutches.

Earlier this year, GM presented a plan to repurchase 200 million of the 500 million shares the U.S. holds with the balance being sold via a public offering. But officials at the Treasury Department were not interested as selling now would lead to a multibillion dollar loss for the government, the newspaper noted.

Those losses would complicate the Obama campaign’s “Osama bin Laden is dead and GM is alive” mantra, seeing as how the death of bin Laden has helped al Qaeda solidify its relationship with the “new” Egypt, and GM is a big taxpayer funded government zombie.