Barack Obama wants American voters to think he alone saved GM and Chrysler. Facts most people do not know:
1. George W Bush bailed out Chrysler and GM with $17B before Obama took office. Obama then added another $60B on top of that.
2. GM is now partly owned by the UAW and the US government.
3. Chrysler bond holders were not allowed to get a share of the new corporation, and lost every cent they had invested in Chrysler. Their share of the old Chrysler is now owned, at least in part, by the UAW.
4. Chrysler is not an Italian owned corporation, owned by Fiat.
5. Ford accepted $0 in bailout money and they are now successful.
6. The bailout was a type of managed bankruptcy without actually going through bankruptcy court. So when Mitt Romney says the companies should have been allowed to go bankrupt, he is actually right. They did, but by going through the Oval Office instead of federal courts.
So what exactly did we get for $77B in auto bailout money?
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