Judge Clears Way for New Gov’t-Owned GM
Sunday was a big day for GM. For months, the company has been kept alive with taxpayer money as it descended into bankruptcy and made its way through the restructuring process. But on Sunday, a judge set the stage for GM to move to its next stage of taxpayer support, as a remade, government-owned company. The judge's decision has already been appealed. But if the case follows the same arc as Chrysler's (which moved to the Supreme Court within days), the new GM should emerge from bankruptcy very soon. It will be months, however, before we know whether the $50 billion that has been pumped into GM is enough, or how much of the government's investment will be recouped.
Other links this morning:
Economics Wasn't GM's Only Criteria for New Plant (WSJ)
Naming 5 New Members, Reborn Chrysler Fills Board (AP)
Obama Plan Could Trim Back Financial Powerhouses (AP)
Treasury Plans to Limit Voting of Shares in Rescued Companies (Bloomberg)
For Banks, Wads of Cash and Loads of Trouble (NYT)
So Many Foreclosures, So Little Logic (NYT)
In California, Mortgage Scammers Find Easy Pickings (LAT)
Asian Officials Reject Focus on Savings Glut (WSJ)
Some Find U.K. Bailout Too Onerous (WSJ)
WTO Chief Warns over Bank Bailouts (FT)
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.
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