Don't tell right-wing media mob, but gov't bailout of GM an unqualified success
Blog ››› ››› ERIC BOEHLERT
Don't take my word for it. Take Rupert Murdoch's WSJ and its A1, above-the-fold article today [emphasis added]:
General Motors Co. is on pace to sell $18.1 billion in shares in what likely will be the second-largest U.S. initial public offering ever, capping a remarkable two-year turnaround in which the car maker went from begging for a government bailout to posting its first steady profits in more than six years.
The proceeds will help pay back the U.S. government for the $49.5 billion it spent on its controversial rescue of GM, which has gone from losing billions of dollars a year to making $4.07 billion so far in 2010. The Detroit company, after eliminating half its eight brands, slashing its debt and trimming its work force in bankruptcy, has been gaining U.S. market share with strong-sellers such as the Chevrolet Equinox and Buick LaCrosse after years of seeing customers slip away to foreign-based rivals.
I'm sure Rush Limbaugh will be cheering GM's success all week long.