Romney: Taxpayers Should Get GM Shares Revenue

Tuesday, 14 Feb 2012 10:48 AM

By Marti Lotman

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
Because Treasury funds were used to bail out sections of the auto industry, shares from the now more financially stable General Motors (GM) should be sold and the proceeds should go into the pockets of those who financed the original transaction — U.S. taxpayers, presidential hopeful Mitt Romney wrote in an op-ed article in the Detroit News.

“The shares need to be sold in a responsible fashion and the proceeds turned over to the nation’s taxpayers,” Romney writes.

The Detroit native argues that President Barack Obama’s management of the economy, specifically in Detroit, has done a disservice to the people while rewarding union bosses. The funds from the sale of shares should be returned to help revitalize Motor City.

“A labor union that had contributed millions to Democrats and his election campaign was granted an ownership share of Chrysler and a major stake in GM, two flagships of the industry,” Romney wrote. “The U.S. Department of Treasury — American taxpayers — was asked to become a majority stockholder of GM. And a politically connected and ethically challenged Obama-campaign contributor, the financier Steven Rattner, was asked to preside over all this as auto czar.”

Romney goes on to argue that Obama’s handling of the auto unions not only made things worse, but was the epitome of crony capitalism and the destruction of a free-market system.

“The dream of the Motor City is and always has been one of ideas, innovation, enterprise, and opportunity. It started with Henry Ford and continued with visionaries like William Durant, Walter Chrysler, and the Dodge Brothers,” Romney argues. “These giants never envisioned a role for government in their business, but relied on the hard work and commitment of private individuals.

“Their dream is alive in all of us who have ever called Detroit home,” he says. “And with a Detroiter in the White House, that dream can be realized once again.”



© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Deroy Murdock: Why No Outcry Over Black-on-Black Violence?

Thursday, 27 Nov 2014 10:31 AM

Yes, there are bad policemen, just as there are bad priests. However, the overwhelming majority of officers work tireles . . .

Obama's Amnesty Action Fuels Flood of Immigration Scams

Thursday, 27 Nov 2014 09:51 AM

Advocacy groups barely waited for President Barack Obama to finish speaking about sweeping changes to the U.S. immigrati . . .

GOP's Tom Cotton Thanks Troops for Sacrifices on Thanksgiving Day

Thursday, 27 Nov 2014 09:22 AM

Senator-elect Tom Cotton delivered the GOP's weekly address on Thanksgiving Day, thanking the military for its sacrifice . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved