Dan Akerson, the head of GM, evaluates (HT: N Karr) the government rescue of GM that used my money to save his company:
At the current stock price, U.S. taxpayers would be out more than $12 billion on GM’s bailout. Still, Akerson believes that, in the end, taxpayers will see the government made the right call in saving the automaker, as well as crosstown rival Chrysler.
“We are in the midst of transforming an iconic American company so 20 and 30 years from now (taxpayers) will look at this company and they’ll say, ‘Absolutely it was the right thing to do,'” Akerson said. “And it shouldn’t be measured on did it sell for $43 or $53 (a share) or did they lose a couple billion dollars?”
GM was saved, he said, because of the extreme generosity of Americans — a spirit that helped restore Europe and Japan after World War II and rebuild cities such as New Orleans after natural disasters.
“We’re the most generous country, even in terrible times,” Akerson said. “We don’t walk to the disaster as a nation. … We can’t wait to help.”
What an interesting way to describe the government forcing me to help the auto unions (HT: Mark Murphy). Generosity?