Taxpayers are expected to lose $10 billion on the GM bailout, as the Treasury Department begins to sell off its remaining 101.3 million shares.
Republican vice presidential nominee Paul Ryan slammed President Barack Obama for the Auto Task Force’s treatment of nonunion workers who saw their pensions slashed by 70 percent, while their union coworkers lost no funds thanks to a $1 billion “top-off” by GM, during a rally in Sabina, Ohio, on Saturday.
Republicans are stepping up the pressure on the Obama administration to explain why a federal pension insurer slashed the pensions of non-union employees as part of the General Motors (GM) bailout, while union benefits were preserved.
A backroom deal hatched by General Motors during the auto bailout to fulfill the Obama administration’s demand for a quick bankruptcy could be reversed, draining the automaker of nearly all of its cash on hand and leaving it in worse shape than it was when it collapsed in 2009.
The Obama administration has rebuked pleas from General Motors to sell off government shares to the automaker.