GM Tanking, Spends $600-million on British Sports Team

When history looks back at the (hopefully) only term of Barack Obama, I imagine the three biggest blunders will be Obamacare, his failure to support Israel while sitting idly by while the Arab-Muslim world was thrown into chaos and his insane, union-biased buying of General Motors with our tax dollars.

The first two I've discussed often but the last one is one that Romney can pounce on during the debates and probably the one the average American knows least about.

Mickey Kaus notes that there is severe havoc over at old Government Motors while the stock price for that company is trading near it's 52-week low, investors are seeing nearly a 30% loss on their investment in the last 12 months. Add to that the abject failure of the Chevy Volt, which we keep throwing good money after bad supporting, and the lame line of vehicles along all lines and we as taxpayers are saddled with a huge loss. And no, whatever anyone says, 17,700 vehicles sold is nowhere near a sustainable number considering we as taxpayers are subsidizing $7,500 of each sale.

But it gets worse. This week, GM decided to really ram it up our asses and signed a deal with Manchester United to have their name emblazoned on the jersey of the British soccer club. The cost? $600-million smackers. The alleged perpetrator was canned but the deal lives and we are on the hook for it:

On Sunday, GM ousted its global marketing chief, Joel Ewanick, and told him it was for failing to properly vet financial details of a roughly $600 million Chevrolet-Manchester United agreement, according to people familiar with the matter.

So to sum it all up, Obama OK'd a deal to prop up a company that should have gone into bankruptcy giving a sweetheart deal to unions like the UAW while giving investors and non-union suppliers the finger, the company has tanked leaving us holding a bag full of shit and then the company throws a half-billion away on a gimmick to lure European buyers in a market that is minuscule when compared to others and a greater continental economy that is in shambles. I guess when offshoring jobs is a normal thing, sending our money to Britain is easy.

Make sense? Not to me either.

New GM Head: "I Don't Know Anything About Cars"

Excellent news:

June 10 (Bloomberg) -- Edward E. Whitacre Jr. built AT&T Inc. into the biggest U.S. provider of telephone service over a 43-year-career. By his own admission, he becomes chairman of General Motors Corp. knowing nothing about the auto industry.

The 6-foot-4-inch Texan nicknamed “Big Ed” said steering the nation’s largest automaker after bankruptcy is “a public service.” People who know him say he can meet GM’s need for the type of transformation he orchestrated at Dallas-based AT&T.

“I don’t know anything about cars,” Whitacre, 67, said yesterday in an interview after his appointment. “A business is a business, and I think I can learn about cars. I’m not that old, and I think the business principles are the same.”

Nice.

Well, we now have a man who knows nothing about cars running "Government Motors" taking direction from a man who knows nothing about being president. What could go wrong?