Are we really surprised that a government which can't balance it's budget or address it's unfunded liabilities - would take over a private company and not bring it's philosophy with them?
"General Motors is expecting a $35 billion pension shortfall that could delay share buyback or payments to shareholders, according to Bloomberg.
The shortfall trumps the automaker's market cap which fell to $33.1 billion last month.
GM which emerged from bankruptcy, had reported six consecutive quarterly profits and had built up its cash holdings setting off talks that the company would be buying back shares from the U.S. Treasury Department. With this shortfall at hand, dividends may be delayed.
GM's pension plans have one of the biggest deficits among American companies and were $22.2 billion shy at the end of 2010, Bloomberg reported. The figures didn't include a $2.2 billion stock contribution the company made to pensions in January. "
Wealth was literally stolen from bond holders and given to unions who now want to hold even more stockholders - and taxpayers - hostage.
We must not let the Administration and their facilitators in media get away with this notion that GM was 'saved.'
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