The former auditor who monitored the $700 billion Wall Street and auto bailout fund says the Obama administration squeezed General Motors and Chrysler to shutter more than 2,000 auto dealerships, without considering the jobs that would be forfeited.
Ummmnnnhhh, yah....that was something which many people (myself included) questioned at the time.
...Barofsky — a federal drug and financial fraud prosecutor who was given the TARP assignment under President George W. Bush and stepped down in March 2011 — said the Obama administration didn't take kindly to those who criticized the auto bailout, including his report.
Petty tinpot dictators are the same all over the world, Neil.
On the "dealer cuts" matter:
...Barofsky said the Obama administration "ignored one of the few non-Wall Street sources that it consulted," and officials at the Ann Arbor-based Center for Automotive Research, who "warned that deep cuts could actually do the companies far greater harm than good."
...Cole said GM and Chrysler had more dealers in smaller and medium markets, especially in rural areas.
"GM and Chrysler had to close dealers to meet the quota that really didn't make any sense," Cole said Thursday. "The people in Washington did not have knowledge of the auto industry."
There were suspicions that the closures were based on the political leanings of the dealers, too.
And of course, there were the job losses. While Obozo kvetches about federal, state, and local governments shedding employees, neither the MSM nor Obozo shed a tear over the tens of thousands of people whose jobs disappeared in order to Honda-ize the GM dealer network.
They built the businesses, and Obozo tore 'em down.
His Plan worked!!