GM Pays more than $400 million in Bonuses to Workers Rather Than Paying Back Their Loan to We the People
Government Motors is looking an awful like AIG …
General Motors, GM, is going to pay workers more than $400 million in bonuses, even though they still owe John Q. Public. So let’s understand this, GM makes a profit and instead of paying back their $49.5 billion bailout from the tax payers, they provide bonuses instead. UNBELIEVABLE! Remember when President Barack Obama blasted AIG for taking bonuses after they took a federal bailout? Where is the outrage from Obama?
As shareholders, when might we expect a dividend check? At the town hall meeting, Obama said he was “outraged” at the bonuses that AIG executives have received while the company was getting “extraordinary assistance from taxpayers to keep its doors open.”
From the AP:
Less than two years after entering bankruptcy, General Motors will extend millions of dollars in bonuses to most of its 48,000 hourly workers as a reward for the company’s rapid turnaround after it was rescued by the government.
The payments, disclosed Monday in company documents, are similar to bonuses announced last week for white-collar employees. The bonuses to 76,000 American workers will probably total more than $400 million — an amount that suggests executives have increasing confidence in the automaker’s comeback.
Most of GM’s hourly workers will get a record payment of more than $4,000 — more than double the previous record in 1999, at the height of the boom in sport utility vehicles and pickup trucks. Nearly all 28,000 white-collar workers such as engineers and managers will get 4 to 16 percent of their base pay. A few — less than 1 percent — will get 50 percent or more.
As stated at Michelle Malkin.com, Barack Obama forced Americans into becoming 60% share holders of GM. However, wouldn’t one think that the shareholder would get a dividend check to pay back a loan before bonuses were provided to employees? Hmm?
The general taxpaying public will probably see Justin Bieber on the cover of AARP Magazine before that happens.