August 1, 2012
New Romney ad criticizes Obama for closing GM dealershipsTopics: Political News and commentaries
The Romney campaign's new 30 second ad reminds voters that when President Obama restructured General Motors ... he forced the closing of thousands of dealerships.
Not mentioned is the fact that Obama's bailout of GM was a gift to the United Auto Workers Union -- at the expense of the company's bondholders. In other words, President Obama essentially stole the company's assets from bondholders to give to the UAW:
In long-established bankruptcy law in America, bondholders are the first in line to receive the assets of a bankrupt company. Obama changed that, putting the unions first. Bondholders got only about 5 percent on their invested dollars.
Posted by Richard at August 1, 2012 8:09 AM
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