According to the New York Times, our Prez Barry ‘O’, the new real CEO of GM (Government Motors) has a plan. Go to Vegas bankruptcy court for a quickie divorce BK, split the ol’ gal into a “good” GM and a “bad” GM, sell off the assets of the good company and let the guvment take on the toxic assets of the bad one. Cost to us, Joe Taxpayer? Make that 70+ Billion smackaroos. Yup, that be a “B” in front of “illion”. Ed Morrissey at Hot Air has this:

Basically, this is a shell game. GM’s investors get to buy up all the good assets, while dumping the rest into the corpse of GM. Once that happens, the taxpayers will be on the hook for those toxic liabilities, adding another $70 billion or more to our existing entitlement liabilities, only on the terms of the pensions negotiated privately. Even getting off the hook will gain GM’s investors an extra $7 billion in taxpayer cash.

Sweet deal … for them. For each American family, that will cost $1000, or a good down payment on a car.

I’m good — I’m good! Please! Can I stop being stimulated now?

This entry was posted on Tuesday, April 14th, 2009 at 6:40 pm and is filed under Auto Biz Hell, POTUS Obama, Stimulate This!. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.  |   Print This Post  |   Email This Post

Recently Posted:

• Two More Pro-Global-Warming Scientists Become Sceptics — Is Hell Freezing Over Yet?
• Merry Christmas Y’All — 2011!
• Pearl Harbor Day — the USS Oklahoma — a Post Redux “x” Five
• More Climategate 2.0 Shenanigans . . . What Else Would We Expect?
• Concrete, Sustainability & The EPA — A Nasty, Expensive Mix — Oh, Ya Betcha!
• Climategate 2.0 Emails – Real & Spectacular?
• Chemtrail Of The Day
• Giving Thanks to Our Veterans On This Special Day
• Victor Davis Hanson On The Upcoming Presidential Election
• SEIU Siphons ‘Dues’ From Michigan Medicaid Payments