Yesterday, the US Treasury announced that it sold the remainder if its stock in General Motors at a loss of $10.5 billion. The government spent $49.5 billion on the bailout andlost approximately 20% of that. We were told that this was an investment and that the taxpayers would not suffer a loss, let alone an eleven-figure loss.
Today, GM announced that its newest CEO is a woman, Mary Barra. While Barra, an engineer and lifelong GM employee, is qualified, her ascension has completely changed the news coverage of GM. No longer are we hearing about that ten billion dollars, let alone analyzing what went wrong and why the Tea Party and Mitt Romney were right; we are listening to a panageric to General Motors.
Well played, Detroit. But – to borrow a phrase from a candidate for Vice President – once the styrofoam columns are taken away, you will still have an auto company to run, a company that is not competitive on price or quality with foreign manufacturers.