WASHINGTON – In response to the Treasury Department’s announcement that it has sold its remaining shares of common stock in General Motors (GM), House Oversight and Government Reform Committee Chairman Darrell Issa, R-Calif., and Subcommittee Chairman Jim Jordan, R-Ohio, issued the following statement:
“The Administration tries to sugarcoat the fact that it lost billions of taxpayer dollars in the GM bailout, but Secretary Lew’s praise for President Obama’s leadership ignores the dangerous precedent this sets for the future. President Obama’s extraordinary intervention in GM means that big corporations who make bad decisions can turn to Uncle Sam for a huge injection of taxpayer cash. Big corporations can apparently avoid the transparent judicial processes where all stakeholders have rights, just as long as they are willing to let government bureaucrats pick winners and losers in closed door meetings.”
The House Oversight and Government Reform Committee has conducted extensive oversight of the GM bailout. Visit http://oversight.house.gov for more information.