Government Motors

I guess a lot of politicians and their staffers in DC are on vacation this week, because I thought some headlines in Wednesday's newspapers might have prompted some outrage on the future of GM.

"Rescue Plan Would Give U.S. Most of GM's Stock," read the headline above the fold on the front page of the Washington Post.

But the news that the US would get almost 70% of the stock in the company that comes out of bankruptcy hardly made a ripple on Capitol Hill.

I know I'm not on the email list of all 535 members of the House and Senate, but you would figure someone out there would send out an email on that story.

Nope.  Nothing.  Nada.  Zilch.

Did I mention that the story says the feds will dump in another $30 billion into GM?  On top of almost $20 billion already?

Over the next few days, GM looks like it will go into Chapter 11 bankruptcy, and then we'll see what details emerge of the role the US Government will have.

RIght now, it looks like the US and Canadian governments will control around 75% - maybe more - of GM's stock.

That's what a lot of people would call "Government Motors" for sure.

Maybe the Congress might make some noise about it as well.

Stay tuned.

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