GM like Goldman Sachs in banking is a company which should be dead. But because it was politically connected it was able to get the government to take money from taxpayers to save it from its own boneheaded business practices. But that’s crony capitalism and that is the system we increasingly live under.
Turns out the Obama administration has been sitting on evidence that some of these widely touted Government Motors vehicles are death traps due to faulty accelerators that slow or stop without warning, according to a report by Liz Peek of the Fiscal Times.
The problem has left at least 13 people dead and as many as 2,000 injured since 2003, according to reports. The House Energy and Commerce Committee has launched a probe to get to the bottom of it.
It needs to be done because the Obama administration had a political stake in claiming GM’s success even as it was supposed to protect the public as the auto industry’s regulator. That’s a conflict of interest if there ever was one. Was there a cover-up of GM’s problems?
For more by Nick Sorrentino, visit CronyCapitalism.org