Peter G (sinetimore) wrote,
Peter G

Robbing Peter To Pay Paul

Aw, I feel so loved by huge companies that can't wait to stick it to me but survived thanks to my tax dollars.

First, CitiGroup sent out some love to the taxpayers for bailing them out so they didn't go bankrupt.  Annoying, but whatever.  They used the funds, paid them back, and they're afloat again.  Past is past, moving on.

However, I have lots of ire for GM.  GM has taken to the airwaves lately, thanking us for the bailout and bragging that they have repayed their government bailout loans.

Not exactly.

It seems that GM paid back the bailout with the money from another bailout.  The commercials invite people to look at the new GM.  It's still 60% owned by the federal government, 12% owned by the Canadians, still hasn't turned a profit, and is still racking up debt.

I think I like the old GM better.
Tags: news
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