General Motors was bailed out by the federal government to the tune of billions of taxpayer dollars. The company went into a costly planned bankruptcy, while the rights of senior creditors were trampled on in order appease the union supporters of Barack Obama.

Perhaps in return American taxpayers expected the carmaker to utilize its second chance to create American jobs and invest in the United States. But ABC News reports that GM will spend millions of dollars to restructure its Opel subsidiary in Germany rather than in its American operation.

Specifically, at a time when the nation’s unemployment rate has soared to levels not seen in decades and GM is cutting thousands of U.S. jobs, the company’s CEO is considering spending millions from its U.S. coffers — fattened by $50 billion in taxpayer aid — on its overseas operations, a possibility that has outraged critics and lawmakers.

“I don’t think most Americans believe that when the taxpayer bailouts were happening it was intended for that purpose,” said Rep. Anthony Weiner, D-N.Y. “It was intended to protect the American economy — not take the money overseas.”

GM’s Chief Executive Fritz Henderson recently announced that the bailed-out automaker might use its U.S. funds to help restructure its European unit Opel, noting that the financing agreements with the Treasury for the $34 billion of bailout funds already spent allow GM to spend any subsequently earned funds as its executives see fit. Some $16 billion remaining after its bankruptcy has strings attached.

So we spent billion of taxpayer dollars, never mind the amount of time and money spent by the government at taxpayer expense during the process, to bail out a company that turned around to invest in overseas branches rather than its domestic operation.

Wait. “Branches?” Yes. Europe isn’t the only place where GM is investing its resources rather than in the United States:

GM has other plans to expand its business abroad. In August, GM China announced a $293 million venture, while last month GM South Korea announced a new infusion of more than $400 million. The automaker also recently inaugurated a $300 million transmission plant in Mexico.

We spent taxpayer funds and trampled on the rights of senior creditors in order to rescue a company that proceeded to invest in Chinese, South Korean, Mexican, and German branches. All while it lays off American workers and the national unemployment rate sits above 10%.

Thanks, federal government. Good investment.

Via Hot Air.