GM Subsidizes Dealers Waiting on Government Money ... With Government Money
In a shell game of find-the-taxpayer-money, General Motors is temporarily subsidizing its dealers, which are waiting on late Cash for Clunkers payments from the government.
Nice, but here's the thing: GM is 60 percent owned by the federal government, after exiting from bankruptcy.
The Post's Dana Hedgpeth wrote here today that auto dealers are grumbling, having made all these Cash for Clunkers sales and have yet to see their $4,500-per-car payment from the government.
So this new GM program, which you can read about here, is essentially moving taxpayer money from one pocket to another.
August 20, 2009; 10:08 AM ET
Categories: The Ticker | Tags: GM, General Motors, cash for clunkers
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