Obama so saved the auto industry, he says, that at the DNC they mentioned it 150 times.
But, not so fast.
At General Motors, American taxpayers own 26.5% of the company. GM has asked the government to pleeeaaazzzeee sell those shares, thus freeing themselves from the restrictive rules placed on them from this “saving” arrangement.
Obama’s administration said no. Not until after the election.
You see GM shares are trading around $24 today, and they need to be at $53 a share just for US to break even. GM’s 52 week high is $27.68 a share.
If the government sold their shares, American taxpayers would lose $15 billion.
Obama does not want that to go down until after the election.
But for now, he wants you to think he “saved” the entire industry.