Obama DID Bankrupt General Motors and Chrysler

A Parting Shot At The Worst President In U.S. History - Barack Obama is so out of touch that he doesn't even know what he did

By Marc J. Rauch
Exec. Vice President/Co-Publisher
THE AUTO CHANNEL

Originally published October 26, 2012

Barack Obama is running around the country repeating a sound bite that he thinks makes him look good. But all it does is to make him look like the kind of guy who would wear a giant duncecap.

Barack Obama keeps saying that he didn’t let Detroit go bankrupt (Detroit, meaning General Motors and Chrysler). But he did let them go bankrupt; it is exactly and precisely what they did. And if anyone doubts it just read all the news reports and bankruptcy court filings. THEY WENT BANKRUPT.

The two car manufacturers then came out of bankruptcy after reorganizing. General Motors turned over a large share of their ownership to the government as part of the reorganization plan, and Chrysler turned over a large share of their ownership to Fiat Motors as part of their reorganization plan. This is what happens in a bankruptcy.

Why doesn’t Barack Obama know this? He doesn’t know it because he is absolutely and completely devoid of any knowledge of the business world. He only knows what to do in a communist or socialist situation. This is the best that his brain trust has been able to teach him.

However, there is one thing that Obama did do that a regular bankruptcy reorganization would try to avoid: Obama allowed thousands and thousands of GM share holders to lose everything they invested in common shares. And before anyone gets too happy thinking this is just about rich people losing their investments, consider this: everyday working people invest in common shares – your parents, your relatives, your friends who have worked 40, 50, 60 hour weeks, year after year to save money. And they lost everything they invested in these GM shares, with no hope of getting anything for those shares regardless of how successful General Motors may become in the future.

So when Barack Obama says that he saved Detroit, and that Mitt Romney wanted to take GM bankrupt, it was Obama that actually did it...and he doesn’t even know what he did.