Thursday, June 4, 2009

Taxpayers Finance Platinum Equity's Purchase Of Delphi

The WSJ reports that US Taxpayers, giddy with joy at purchasing GM, are soon to become proud owners of the debt of another bankrupt auto company - this time GM critical supplier Delphi, which has been in bankruptcy for well over 3 years. The WSJ quotes a person familiar with the deal, according to whom the U.S. government has decided to backstop the $2.5 billion needed in financing (of the $3.6 total purchase price), in order to make billionaire Tom Gores yet another recipient of the great Obama dilemma: heads I win, tails taxpayers lose.

Someone please get Jon Stewart on the line.

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