GM Belongs to Us
On Monday, General Motors will declare bankruptcy. What will emerge, if the plans aired yesterday remain the same, is a slimmed-down carmaker that's 72.5 percent owned by the U.S. government. The government's stake in GM reflects an enormous taxpayer investment, which already stands at $20 billion and is estimated to rise to as much as $50 billion. It is "a big bet that could cost taxpayers dearly if the car maker fails to recover," as the Wall Street Journal puts it. It's not clear whether there's an alternative if GM is to survive, but there seems to be little optimism that the government will see that money come back.
Other links this morning:
As GM Overseer And Owner, U.S. Aims For Balance (WaPo)
Financial Overhaul Raises Questions (WSJ)
U.S. Banks Have $168 Billion Reasons to Avoid Govt’s PPIP (Bloomberg)
Government Taps Bailout Contractors With Conflicts of Interest (Wash Indy)
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.
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