Let’s say the U.S. has poured billions of dollars into a failing company. How strongly should it try to protect that money once the company files for bankruptcy? The Washington Post is reporting that the plan for GM—which may go belly up as early as Monday—is for federal officials to select 5 or 6 of the company’s new board members, and have a say over which 6 of the existing board will remain. The UAW gets to choose another, and Canada might possibly be given one slot to fill. The rest of us will probably just get t-shirts or a souvenir mug.
Hey, here’s a new and exciting deal. Buy a car; get 100 shares of GM stock. “Join us in jump starting America,” says the sales pitch. Unfortunately, GM’s shares are trading at 66 year low today as a bailout looks doubtful.