Obama Selling GM To China?

Barack Obama  has “agreed in principal” to sell the American governments 61% ownership of US auto giant General Motors (GM) to China’s SAIC Motor Corporation, who has been GM’s partner and instrumental in their success in that Communist Nation and who already owns half of GM’s Indian division.

Obama is “holding off” on the sale of GM to China until after the November mid-term elections due to the “political backlash” he and his Democratic Party would encounter.  So is this in the works?

GM is one of the US Military’s largest defense contractors holding over 150 contracts worth nearly $70 million.  GM is also the company the US Navy is depending on to develop hydrogen fuel cells for an array of underwater vehicles.  The military wants to thaw relations with China, but China is angry over a series of moves by the Obama Administration regarding trade, and the SEC denying China permits to allow its large credit rating agency access to US markets.

If the Obama Administration sells its shares in GM at the current market price, the taxpayers will lose over $11 billion.  If the Obama Administration sells its shares in GM to the Chinese, the implications for national security, and for taxpayer reaction to a president that virtually handed the UAW a giant kiss on the lips, and then turns around and dumps the taxpayers interest in GM handing the company over to a foreign country, spits in the face of Obama's alleged motivation for bailing out GM to save "American Jobs".

Obama continues to disappoint, especially in the area of domestic policy.