“After pouring at least $300 million into supporting Democratic candidates for the White House and Congress last year, labor unions are hoping that the new president will help enact their number one legislative priority…”, - The Indypendent http://www.indypendent.org/2009/01/16/unions-hope/
“GM bondholders proposed April 30 they get a 58 percent ownership stake in the Detroit-based automaker in exchange for their $27 billion in unsecured claims. Bondholders are objecting to GM’s proposal they get a 10 percent share of GM equity while a union health fund would get $10 billion in cash and as much as a 39 percent stake for $20 billion in unsecured claims.” – Bloomberg.com http://www.bloomberg.com/apps/news?pid=20601087&sid=awCyiNlvcfUA&refer=home
To bail out GM under the Obama administration, the UAW will receive $4.7 Billion equity of bondholders’ money plus an additional $10 Billion of taxpayers’ money; a grand total of $14.7 Billion. Taxpayers may be forced to pay the bailout of banks, again. Wow! What a win for the UAW!
Obama must be feeling charitable to fund almost $50 to the Unions for each $1 in partisan political investment. Remember, this is only the GM bailout. What an investment for Obama repaying the Unions at the price tag of the investors and taxpayers!
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