Despite his many promises to the contrary, President Barack Obama has repeatedly failed to bring transparency to the federal government. That failure now continues with the Obama administration’s nationalization of General Motors. The Detroit Free Press reports:
A day after filing for a bankruptcy reorganization that will be largely financed by U.S. taxpayers, General Motors Corp. said the private automaker that emerges from Chapter 11 expects to release less financial information to the public.
“As a privately held company, it’s likely we’re not going to disclose information except to the shareholders,” Ray Young, GM chief financial officer, said Tuesday.
Um, General Motors is now owned by the U.S. taxpayers. The public are shareholders. Not only should Congress force the Obama administration to rid it self of General Motors as fast as possible, but in the meantime they should make sure that GM meets all requirements for public disclosure that would apply to a publicly held company.