President Obama's Investment SkillsBy Randall Holcombe
Mar. 13, 2014
Italy: 31yo African Migrant Rapes & Impregnates 12yo, Girl Forced to Carry Baby to Term
POLL: Majority of Americans View Trump Favorably
WATCH: Epic Troll Derails Shia LaBeouf's Anti-Trump 'Art' Project With Pepe Meme Magic
VIDEO: Gavin McInnes Fights Antifa At DeploraBall!
Finland: Police Tell Kids To Rat On Parents For 'Offensive' Facebook Posts Criticizing Politicians
After the Obama administration bailed out General Motors by purchasing a 60.8% ownership share in the company for $49.5 billion, President Obama said, "We expect taxpayers will get back all the money my administration has invested in GM." (I do like the way the president takes responsibility for the investment.) Now, the presidentís administration has sold all of its ownership in GM and taken a $10 billion loss.
It is worth noting that what the president called an investment on behalf of the taxpayers lost 20% of its value, and that the presidentís expectations on the investment his administration made did not pan out.
I donít know whether the president actually believed the GM bailout would yield a profit or whether that was just political rhetoric he hoped people would forget over the years. Either way, it turned out not to be true.
The loss on the GM investment did not attract much notice, especially compared to other investments the president has made on behalf of the taxpayers, such as the $500 million it lost on the Solyndra loan guarantees. Interesting, considering that the GM loss was 20 times larger.