Obama Pays Unions
by Oscar Harward
Issue 132 - May 20, 2009

"After pouring at least $300 million into supporting Democratic candidates for the White House and Congress last year, labor unions are hoping that the new president will help enact their number one legislative priority.", (The Independent)

"GM bondholders proposed April 30 they get a 58 percent ownership stake in the Detroit-based automaker in exchange for their $27 billion in unsecured claims. Bondholders are objecting to GM's proposal they get a 10 percent share of GM equity while a union health fund would get $10 billion in cash and as much as a 39 percent stake for $20 billion in unsecured claims." - (Bloomberg.com)

To bail out GM under the Obama administration, the UAW will receive $4.7 Billion equity of bondholders' money plus an additional $10 Billion of taxpayers' money; a grand total of $14.7 Billion. Taxpayers may be forced to pay the bailout of banks, again. Wow! What a win for the UAW!

Obama must be feeling charitable to fund almost $50 to the Unions for each $1 in partisan political investment. Remember, this is only the GM bailout. What an investment for Obama repaying the Unions at the price tag of the investors and taxpayers!

Oscar Y. Harward