Here’s how General Motors described its transformation into Government Motors in a press release on Monday:
“As a result of its ownership of GM common stock, the U.S. Treasury will be able to elect all of our directors and to control the vote on substantially all matters brought for a stockholder vote. In addition, through its stockholder voting rights and election of directors, and its role as a significant lender to us, the U.S. Treasury will be able to exercise significant influence and control over our business if it elects to do so.”
Just to make sure everyone’s in agreement on the terminology, here’s how Merriam-Webster.com defines socialism:
“Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.”
We can’t help but remember all those commentators who were shocked when Tea Party participants called Obama a socialist.
Source: PlanetGore
