Anyone ever notice when the government bailouts like GM cost so much the markets dip? Government still thinks it can spend it's way out of debt.
Add up this corruption and it cost US and Canadian taxpayers over $100 billion for one company and suppliers are still in trouble. What a waste of wealth on corruption. And it is fast because government broke it's own laws in bond/debt. It is why USA credit score is sub-zero, debtors rule.
And no one is even charged with fraud, conspiracy to fraud. Yet it was known in the investment markets years ago GM was selling off it's assets to be packaged for the government.
GM will be back in bankruptcy inside of 5 years. When people get the upcoming tax bill they will have even less to spend on Government Motors crap. Their credit rating is certainly sub-zero.
The massive transfer of factories, money and intellectual property was completed about 6:30 a.m., according to a person briefed on the situation, clearing the way for a smaller and faster company better equipped to compete in the brutally tough global automotive market.
The person, who asked to remain anonymous because the deal wasn't announced officially, said the signing meant the new GM had emerged from bankruptcy protection.
One bankruptcy expert called GM's 40-day case the fastest ever for a company of its size.
GM's warp-speed emergence from bankruptcy protection is expected to be announced by CEO Fritz Henderson and new Chairman Edward Whitacre Jr. at a 9 a.m. news conference at the company's Detroit headquarters.
Henderson is expected to announce details of the plan to make the new GM profitable again. The troubled automaker has lost more than US$80 billion in the past four years.
Once the world's largest and most powerful automaker, the new GM is now cleansed of massive debt and burdensome contracts that would have sunk it without federal loans. Spurred on by the Obama administration's support, the bankruptcy process was two days faster than crosstown rival Chrysler Group LLC's 42-day timeframe.