GM Goes Long Peugeot Citroen to the Tune of $400 Million: Did you do your DD American Taxpayer?

Since we are part owners of GM by owning 1/4 of the company it would be a good idea to see what they are wasting their money on. In this case we invested $400 million in a nearly bankrupt French car maker.

Peugeot can undoubtedly use the cash.  Last year, Peugeot's auto making division lost $123 million.  And on March 1 - just a day after the deal with GM was announced - Moody's downgraded Peugeot's credit rating to junk status with a negative outlook, citing "severe deterioration" of its finances.

In other words, General Motors essentially just dumped more than $400 million of taxpayer assets on junk bonds.

The article write says buying junk bonds is a bad thing but I would really like more information as to the solvency of Peugeot going forward. Losing $123 million in a year isn't too bad unless their cash reserves are in the toilet. How much is their debt load? How much of the losses is debt service and is the revenues growing? What about their union contracts? That is the kind of information that I would want to see before a company I own (as an American taxpayer) forks over $400 million to buy shares in that company. 

Shouldn't that $400 million go to paying off GM debt, buying back shares, or simply buying me out as the part owner of a company emerging from bankruptcy? In any case I really hope we don't see any Peugots being sold in the US. One goofy looking European car (Fiat) is more than enough.