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Taxpayer Bailout Funds Being Spent Overseas?
November 16, 2009 11:28 AM
Here is a question: You, as a taxpayer, now own a stake in General Motors. 50 billion dollars of taxpayer money was invested in the company. Now, if the company decides it is in the best interest of their bottom line to invest some of that money overseas, would you be upset?
That’s a question being asked of GM today. GM is using some of the money floated to them by the US government to bolster its operations overseas. The upset is that part of the justification for investing tax dollars in GM was to create (or save) jobs here in America.
The company argues that they are necessarily global and boosting sales overseas helps the taxpayer, helps investors, and creates jobs. Everyone benefits from a stronger company.
But Democrat Rep. Anthony Weiner had this to say about using the money to invest in oversees operations: “I don’t think most Americans believe that when the taxpayer bailouts were happening it was intended for that purpose…it was intended to protect the American economy – not take the money overseas.”
November 16, 2009 | Permalink | Share | User Comments (7)
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Our central bank makes foreign deals with foreign central banks all the time so what's the big deal?
Posted by: Huh | Nov 16, 2009 11:55:25 AM
Was that put in writing before the money was given? No? Oh, well.
-another fine example of why the government should not have rushed this program through without stipulations-
Remember Pelosi standing on the steps yelling that we MUST sign this bill NOW?
Can't wait for the health care reform bill to be pushed through. Surprise Surprise.
Posted by: ddg | Nov 16, 2009 12:01:49 PM
Of course they are. Global Corporations hold no allegiance to anyone, but the almighty dollar.
Posted by: Rick McDaniel | Nov 16, 2009 12:45:11 PM
How about GM listing just how sending money overseas creates jobs here (not counting saving the rear ends of US executives, which are likely overpaid)
Posted by: stevor | Nov 16, 2009 2:48:41 PM
These multinational corporations and their executives have no loyalty to the U.S. Right this minute, Wall Street traders/traitors are playing pump and dump with the U.S. dollar, forcing it ever lower and ginning up the prices of basic commodities like oil and gas, food, metals. The result will be sky high inflation and an almost certain "double dip" in the economy, as we slide right back into the new depression. Only, this time it will be a A LOT worse, with unemployment running over 30 percent, vs the present 18%, economic chaos. The cure, the ONLY cure, is to flat out end free trade. Bring back trade tariffs, duties, fees, and add punitive taxes onto offshore resulting gods and services. A $5 per U.S. service call tax on offshore call centers will soon see a flood of those jobs returning. Add a 100% tariff onto Macs, Dells, (it's the same tariff India has on imported electronics), iPhones, shoes, clothing, with minimum taxes set high enough to guarantee the return of those outsourced jobs. Suer, CHina will be "upset" and India will not be our "friend" any longer. But, with friends like those, who needs enemies. We may just need to completely replace our entire political "leadership" class to do this, but the free trade Clinton-Bush-Obama years have merely been one long series of disasters that we can live without.
Posted by: Mike Brooks | Nov 16, 2009 6:12:45 PM
The C.E.O.s, executives, bankers, and insurance companies are doing alright. So a few million people have no jobs and their kids are starving, big deal. The important thing is that the brokers get good bonus money so they can have nice mansions in Palm Springs and The Hamptons. You whiners really get on my nerves. Do you realize that The C.E.O. of Blue Cross Blue Shield only made $40 million last year? That my friend, is real economic hardship. In fact, I've been thinking about sending him a few bucks to help him get over this rough spot. I can always get health insurance for my kids next year. If one of them gets the Swine Flu and dies, it's okay, we can buy less food.
Posted by: rick | Nov 16, 2009 8:06:24 PM
Anyone surprised here? Same diff as taxpayers being screwed by the so-called rebates we got. BO and the Dems were like little kids in a candy store, running amok with our money and not giving serious thought to what they were doing. And here we are...in a very big mess. How's that hope and change working out for everyone?
Posted by: JustMe | Nov 16, 2009 10:27:58 PM
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