GM's union recovering after stock sale

[Geee]

Washington Times:

General Motors Co.'s recent stock offering was staged to start paying back the government for its $50 billion bailout, but one group made out much better than the taxpayers or other investors: the company's union.

Thanks to a generous share of GM stock obtained in the company's 2009 bankruptcy settlement, the United Auto Workers is well on its way to recouping the billions of dollars GM owed it — putting it far ahead of taxpayers who have recouped only about 30 percent of their investment and further still ahead of investors in the old GM who have received nothing.

The boon for the union fits the pattern established when the White House pushed GM into bankruptcy and steered it through the courts in a way that consistently put the interests of the union ahead of many suppliers, dealers and investors — stakeholders that ordinarily would have fared as well or better under the bankruptcy laws.

"Priority one was serving the interests of the UAW" when the White House's auto task force engineered the bankruptcy, said Glenn Reynolds, an analyst at CreditSights. The stock offering served to show once again how the White House has handsomely rewarded its political allies, he said.

[AceRimmer]

This is why I'm never gonna buy a GM or Chrysler vehicle ever again. If I buy American, it'll be a Ford. The UAW is what destroyed the auto industry, and now they get rewarded by a pinko commie in the White House who is probably furious that Henry Ford's heirs didn't give in to his "bailout".

 

When my car decides it's lived long enough, I'll go to the local Ford dealer, and if I don't like what I see, there's a Toyota dealership about half an hour away, and next door is a Honda dealer...