Well we know own a failed car company with $30 billion more of our funds dedicated to propping them back up. Government Motors is now a reality.
The plan is for the federal government to take a 60 percent ownership stake in the new GM. The Canadian government would take 12.5 percent, with the United Auto Workers getting a 17.5 percent share and unsecured bondholders receiving 10 percent. Existing GM shareholders are expected to be wiped out.
I think we should at least get some car vouchers from our 60% ownership in a company that has lost $88 billion since 2005.
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