Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Obama said that Romney would have us buying cars from China.?
But wasn't it Obama who sold Hummer to China as part of the bailout
9 Answers
- YB LogicalLv 79 years agoFavorite Answer
When President Obama says he "saved" GM, what he means is that his administration guided a bankruptcy process for the company, funded with taxpayer dollars. The repeated statements by Obama that Romney would have let the company go bankrupt are deceptive. Let's be clear, GM DID go bankrupt.
The bankruptcy process for GM was mainly funded by American taxpayers. President Obama formed the Auto Task Force and chose an allegedly corrupt hedge fund guy in Steve Rattner to run the show. Bankruptcy experts and Wall Street types were the main advisers instead of auto industry experts. The direction the bankruptcy process was to take became clearer when Rattner was eventually replaced by Ron Bloom, a known union supporter.
The cost to taxpayers to get GM through the bankruptcy process was $50 billion. The government, in return, received a majority ownership of what would become "New" General Motors. Canadian taxpayers put in over $10 billion making the total cash cost over $60 billion. The entire market cap for GM is currently under $40 billion and the American taxpayers' loss stands at around $15 billion.
Existing GM shareholders, who were the owners of the "Old" General Motors, lost everything and those who lent money to the company, primarily old GM bondholders, lost almost everything. $27 billion of bondholder debt was erased and bondholders were given a very small piece of the new GM pie. The politically-favored UAW fared much better under the Obama plan as its jobs and benefits were preserved and they received the second largest ownership stake in new GM, behind American taxpayers.
- the real gytLv 79 years ago
Wasn't it Obama who gave China stimulus money to open a GM plant in China? So Obama accused Romney of doing exactly what Obama actually did.
- ?Lv 79 years ago
I believe the Hummer sale was nixed, but you do have a point, 7 out of 10 GM cars are built out side the US.
- How do you think about the answers? You can sign in to vote the answer.
- MonzieLv 49 years ago
Obama does the same under the table. Anything to make him look like the "good guy".... Just like he called out Romney for wanting to create jobs over seas...Guess what Obama did? THE SAME THING. Unemployment is just as high if not higher now that obama created these so called jobs in america...
He's a loon.
- PhillyguyLv 59 years ago
When you look at what Romney was proposing for the auto industry, the results would have been catastrophic and far more would have been shipped overseas. The big US auto brands would have continued, but in name only. Anyone involved in the auto industry, even Republicans who detest Obama on every other issue, admit that what Romney proposed would have been disastrous (and flooded the economy with more unemployed job seekers).
- Anonymous9 years ago
YES
0bama accuses others of what bad things he DOES.