From Morning Bell at the Heritage Foundation: American taxpayers will lose about $23 billion dollars, that went directly into the pockets of the UAW. If we had allowed GM to go through normal bankruptcy procedures, we would have broken even. More than $26 billion went out the door and into the UAW’s pockets.
This was bigger than the “entire budget of the State Department. It was bigger than all U. S. foreign aid spending. It was 50% more than NASA’s budget.”
Why has Congress allowed this flagrant abuse of taxpayer money? Bankruptcy law has been transgressed, lien holder positions usurped, and government coffers have been pilfered. And they wonder why the Tea Party is angry!