GM - T-minus 13 days

With 13 days left, GM news is still bad for GM but good for the taxpayer which wll see the end of this in time, I hope as some doubt exists.

GMAC, mega in debt to something like a $30B shortfall now becomes a bank. Even the government with their foot loose accounting says they need at least $11.5B.

Problem here, now they are a bank? Changed their name too, Ally Bank, we lost our marbles on GM so now we are a bank. Beware depositors. This is a sure loser.

Not a peep from Canada on CAW-GM negotiations. Not even Ottawa has said a thing. Guess Harpo, Iggy and Laytoon have a messed up long weekend. Suspect they are trying to talk some sense into the CAW bozo. Good luck in that endeavor. Union mentality is summer off looks good.

Released a little early but:

WSJ says deals with UAW are in motion. Bet the bond holders must be getting furious. Looks like the US government is breaking laws here. Going to keep the lawyers busy for years I suspect. And you, the taxpayer get to pick up most of the tab.

Friday's aftermarket is an indication GM is in for another plunge. In after market it lost it's daily meger gain to lop anotehr 5% of its vale for a final close bid of $1.05. Getting retty close to getting a delisting notice if bankruptcy doesn't hit first. I wonder how long it will trade past the end of the month?

Looks like a few companies have some common decency and are turning down TARP: