Pete the Banker: Forbes Outs Auto "Bail Out" As Fraud

June 24, 2011

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By my calculations the 4,000 jobs saved over and above those expected after a real bankruptcy proceeding ended up costing American taxpayers about $3,500,000 each.   It would have been far cheaper to just give them a $1,000,000 or so in severance pay.  And that’s assuming the Administration used the money to save the jobs in the first place which the article questions. Here.

“The White House estimates an eventual $14 billion price tag for the GM and Chrysler bailouts. What has the $14 billion bought us? It certainly hasn’t saved millions of jobs–more like 4,000, and probably fewer. If we dig deeper, we find that most of the taxpayer money went to protecting members of the United Auto Workers.”

Tell ’em where you saw it. Http://www.victoriataft.com