Carmaker Unions May Need More Taxpayer Money
Serious questions being raised by Congressmen and the TARP inspector general over GM's supposed "payback" of $6.7 billion in TARP loans was actually a roundtripping of taxpayer money the carmaker already had on hand in a slushpot of your money. High-fiving in the White House may be premature.
Another big problem: Taxpayers could get whacked again, this time due to teetering pensions at the automakers, the U.S. Government Accountability Office says.
And that puts the Treasury in a conflict of interest, since Treasury oversees the taxpayers’ stock in GM and Chrysler and federal loans to the two, and the Treasury also oversees federal bailouts of pensions and the IRS, which governs pensions as well, the GAO says.Full article