OH-MY-GOD, HIDE…HIDE…HIDE. The very day has come that President Obama said we had to avoid. Govern…uh…I mean General Motors has filed for Chapter 11 bankruptcy.
OUT FREAKIN STANDNG.
Just so you know, this is the way it will all pan out. GM will break up as follows in order to gain over $30 billion to continue to operate. (By the way, if you use the example demonstrated following the last bailout, “continuing to operate” apparently suggests continuing on in a constant direction that leads to abject failure.) Here is how the breakdown of interest in GM will go:
10% to unsecured bondholders.
12.5% to the Canadian Government.
17.5% to the United Auto Workers.
60% to the United States Government.
This is soooooo wonderful. So let me get this straight. The same government game plan that has been so successful with the Post Office and Amtrak will now be put into place with government control of GM. Yeah I know President Obama said he will move to get rid of this interest in Gm as soon as possible – when.
That should have been done today by beginning a plan offering up that interest to Car Dealers, Customers, and investors. Not retaining it by the government until that interest is worthless due to proven and repeated inept management of government resources by the very government responsible for those resources.
I wonder if there are any Yugos for sale?
Bill
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