$70 Billion Later GM Files Chapter 11

[red states rule]

Nothing like seeing your tax dollars at work. Say goodby to $70 billion of your tax money

How is that hope and chnage doing again?



U.S. Expected to Own 70% of Restructured G.M.

DETROIT — In better times, many employees of General Motors called their company “Generous Motors” because of its rich benefits.

Now G.M. may stand for something else: Government Motors.

The latest plan for the troubled automaker, which is expected to file for bankruptcy by Monday, calls for the Treasury Department to receive about 70 percent of a restructured G.M.

Including the more than $20 billion that has already been spent to prop up G.M., the government will provide G.M. at least $50 billion to get the company through Chapter 11, people with direct knowledge of the situation said Tuesday. By some estimates in Detroit, tens of billions beyond that amount may be required
http://www.nytimes.com/2009/05/27/business/27auto.html

[red states rule]

I'm sure Obama will make sure that the union workers are well cared for at the expense of the bond holders, and US taxpayers, who kept pouring money into GM tying to keep it afloat.

[Insein]

Ridiculous. I don't think anything else could summarize the situation with resulting to profanity.

[red states rule]

The only thing bailing out GM and Chrysler accomplished is putting the US government in charge of private businesses. I hope other companies are paying attention and keep their faces out of the trough.

However, I suspect Obama and the Dems are on the lookout for other buying opportunites - after all it is not their money they are spending