A website called 24/7 Wall St posted an article yesterday stating that hourly workers for General Motors will receive bonuses this year of between $5,500 and $7,000 each.
The article reports:
The payments are based on a formula that gives workers a $1 bonus for every $1 million in North American operating profit at the two companies.
On Wednesday (as reported at rightwinggranny.com) the Detroit News reported:
Still, taxpayers will almost certainly lose billions of dollars in the $49.5 billion GM bailout. If the government sold the rest of its stock at current prices, taxpayers would lose more than $13 billion.
It just seems odd to me that the taxpayers are out $13 billion and the workers are getting bonuses of up to $7,000. Why isn’t some of the bonus money being used to pay back the taxpayers for what they were forced to invest?