Guest Blogger: Senator Mike Johanns (R-NE)
Mike Johanns /
WHY TARP NEEDS OVERSIGHT
The announcement that the government would provide $30 billion dollars more in TARP funds to General Motors in exchange for a 60 percent ownership interest in the company is unprecedented and almost unbelievable.
Who ever imagined the taxpayers would wake up Monday morning and find out a deal was cut behind closed doors to make them majority owners of General Motors? If you add all of the government aid GM has or will receive, the taxpayers, with zero input, have invested $50 billion dollars in a high risk bankrupt company. That’s almost one million dollars per job retained by GM.
Sadly, there is no longer a dividing line between these private companies and the government. (more…)