Bennett wants to give you GM stock

Did you file a federal tax return this year? If so, Sen. Bob Bennett wants you and the 120 million other filers to receive some stock — in your name — for General Motors and Chrysler.

"Giving it to the American people who have paid for it strikes me as a good idea," Bennett said at a press conference Thursday.

He and Sen. Lamar Alexander, R-Tenn., unveiled a bill Thursday to show their disgust at the Obama administration obtaining a 60 percent share in GM and an 8 percent share in Chrysler by calling for the government to divide that stock among taxpayers.

The proposal has slim chance of passage since Democrats control Congress, and have generally backed the Obama administration's moves to help GM and Chrysler.

Nevertheless, Alexander said, "This is the easiest way to get the stock out of the hands of Washington and back into the hands of the American people in the marketplace where it belongs. The stock certificates would be in your name, not that of your government."

The stock would go to taxpayers within a year of the companies' emergence from bankruptcy.

Bennett said he added wording to the bill that makes clear that until the stock is transferred, Treasury Secretary Tim Geithner would be the equivalent of GM's CEO, or a board member holding the majority share of stock, opening him up to lawsuits by shareholders and others.

"I think by doing that I will spur the desire of the secretary of the Treasury to … get rid of this stock as fast as he possibly can," Bennett said.

Bennett said he also adding wording that would ban using Troubled Asset Relief Program (TARP) bailout money to help bankrupt car makers.

"The TARP money was sold to the Congress as acquiring assets, not as acquiring stock positions in various companies, particularly not in acquiring stock position in a bankrupt manufacturing company," Bennett said.

"When we approved TARP the first time around, we did it with the understanding that it was dealing with the credit crisis," he said. "Instead, the TARP money has gone into these bankrupt companies."

Alexander said the shares divided among 120 million Americans "might not be worth much at first. But put them away and one day they might contribute something toward a college education."

Of note, Bennett voted for the first round of TARP money, but opposed recent extensions. That first vote attracted the wrath of conservatives in Utah, and has been singled out by several fellow Republicans who have announced they will run against him next year.

E-mail: lee@desnews.com