The US government is above it's own law....
No wonder people don't lend their money in the USA... they have no rights, not even to get repaid. Theft from creditors is legal in the USA....
I predict when it happens with GM, that private money will scatter from the USA and oil will go over $100 barrel as the US currency tanks in value.
And I hear noise that the government is a tight spot with T-Bills. Can't sell them and redemptions are coming in. Big squeeze to jack interest rates. Private market rates are already over 10% and rising. Big debtors aught to lock in you mortgages now.
Government is also contemplating breaking another law on tax losses. GM has some $85B in losses but for it to be legal to move the tax deduction to the new company as a subsidy from the taxpayers 50% of the ownership has to be the same. Interesting tos ee how Government Motors breaks this law.
Looks like GM common stock holders got 100% wipped out. No listing at all any more. Wholely dependant subsidurary of the USSR (United States Socialist Republic).