Employees at General Motors are set to receive a profit-sharing bonus worth $4300 thanks to the company earning more than $4 billion in profit for 2010.
That sure is good news for those struggling workers. How will that money be put to use? Paying for their kids to do more fun stuff, of course:
“My money’s going to pay off credit cars and pay for school sports,” Pozniak said. Her three children are in Parma schools, and the district started pay-for-play policies last year to help balance its budget
Meanwhile, the federal government still owns 33% of shares in GM’s stock, and now word from the Obama administration says Uncle Sam will dump the worthless stock and take a loss of some $9 billion. And that doesn’t even touch the billions worth of debt that creditors had to kiss goodbye in bankruptcy court.
I’m waiting for the part where ACORN sends angry protestors to Pozniak’s home. Or is protection one of the perks of working for an auto maker?
The timing of all this sure is hinky. Why, it almost looks like Obama saved GM as a favor to the UAW and couldn’t care less how much it cost the rest of us.