Report: Obama Admin Bungled Auto Takeover
Via Ed Morrissey at Hot Air comes news of a forthcoming report that finds the feds have screwed up their takeover of GM and Chrysler. Specifically, the inspector general of the TARP program faults the government for pushing to close so many dealerships so quickly (and notes that GM did not apparently follow its own guidelines for which dealers to shut down). Take it away, Cap'n Ed:
Barack Obama put Steve Rattner in charge of running his auto bailout program, a man who had just as much experience in the auto industry as Obama did: he drove a few cars. Rattner had to make a quick exit after just a few months when it became known that he was the target of a federal probe into questionable activities regarding the New York pension fund — and his replacement had just as much experience in the auto industry as Rattner did.
What was the main entry on Ron Bloom's resume? He was a union negotiator.
Let's keep this in mind when Democrats insist that government can run industries better than the markets themselves. Not only did the White House purposely evade bankruptcy laws in cutting sweet deals for unions during the bailout, but they also destroyed jobs in the process out of incompetency.