My thoughts about the news that GM has announced they are most likely going to file for Chapter 11 bankruptcy on Monday.
Okay, so let me get this straight. The American taxpayers gave GM $19.4 Billion dollars to put this economically inept company on life support for 6 months only to have them file the bankruptcy that they should have at the beginning of the year? Was it really that smart to buy GM time in the hopes that a miraculous restructuring could be negotiated with the bondholders and UAW without filing for bankruptcy? See more of my GM Bailout Money Rant post.
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