Is to stiff the taxpayers. Not to mention the bondholders. As Todd Spangler of the Detroit Free Press reports:
The General Motors bailout may have cost the government $10 billion, but GM CEO Dan Akerson rejects any suggestion that the company should compensate for the losses.
The way the CEO – who has his job, by the way, courtesy of taxpayers – sees it, "Treasury officials took the same risk assumed by anyone who purchases stock.”
Taxpayers would do well to remember that the next time (and there will be one) that some car company or other “vital” enterprise” comes around talking bailout. “Like to help you out, old stud, but you assumed a risk, just like anyone else in business. But good luck with next year’s model line. And especially that Volt."
That $10 billion, by the way, would cover – according to some estimates – the cost of the recent economic shutdown.