Investors & Taxpayers Come Up Short

While GM’s recent stock offering was staged to start paying back the government for its $50 billion bailout, one group made out much better than the taxpayers or other investors: the company’s union.

The United Auto Workers is well on its way to recouping the billions of dollars GM owed it — putting it far ahead of taxpayers who have recouped only about 30% of their investment and further still ahead of investors who have yet to receive a lump of coal. ◆