News going around today is that GM wants the government to sell its stake in the bailed-out auto company but the Treasury Department is refusing to do so because if they did “it would mean posting a multibillion dollar loss during an election year”.
But how is that possible? I mean, just a few months ago, the Obama administration took part in a pro-Obama propaganda piece called “The Road We’ve Traveled.”
In that ad, the Obama administration stated “With business booming, (GM and Chrysler) repaid their loans.”
If GM paid off their loans, how would the government take a multibillion dollar loss? Weren’t they paid back?
So this means one of two things. Either 1. GM paid back the loan and the government does not want to release their stranglehold on a private company or 2. They didn’t repay the loans and the Obama administration lied to everyone.
Or 3. I’m missing something.