Yesterday, Congressman Culberson and 20 Republican colleagues sent a letter to President Obama, asking him to provide a full accounting of the taxpayer loans to General Motors. The Obama Administration’s $49.5 billion bailout of GM will most likely result in massive losses for taxpayers. As shareholders, taxpayers should know what kind of losses to expect.
Federal ownership and control will not solve GM’s troubles. The private sector is best-equipped to implement a concrete, innovative plan for the future of our domestic auto industry. There is no compelling reason for giving government assistance to GM, and Congressman Culberson will continue to press for the federal government to divest its shares and get out of the auto business.
Fox Business – Letter: “American Taxpayers Remain In Dark about GM Bailout”
Detroit Free Press – Republicans: “GM rescue is a ‘bridge loan to nowhere’”
