GM's Chapter 11 on Monday: Welcome to Government Motors, Property of You the Taxpayers

by Benjamin Domenech on 1:53 am May 29, 2009

Next week, the White House will “push through a restructuring that will cost taxpayers billions of dollars more than previously envisioned, turning what once was one of the most profitable companies in the world into a government ward.” Terms have been altered, giving GM bondholders slightly better deal. Taxpayers will own 72% of the company.

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