Ever since General Motors first approached Congress for emergency bailout funds, taxpayers have gradually lost interest in the government's ownership stake in America's largest automaker. Yet nearly half of the $43.3 billion total loss the Treasury will suffer on its 2008-09 financial rescue comes from its "investment" in GM.(full story at investors.com)
GM's "forgotten bailout" will likely cost taxpayers more than any other non-housing program of the bailout era, even before factoring in supplier assistance or unprecedented tax write-offs for GM on pre-bankruptcy losses.
Yes, General Motors really is giving $600 million to an English soccer club. The $600 million GM is giving to Man United over the next 7 years is a sponsorship deal.
In return, Man United will wear "Chevrolet" on their jerseys and GM will be able to call itself Man United's "global automobile partner." It will immediately have the edge with all those consumers who look to their favorite soccer club for car buying advice.
Note: Before AON, Man United's sponsor was AIG. See how that worked out.
(full story at breitbart.com)