Government sucks off GM while putting it in taxpayers.

[pb9617]

Is there a reason that this doesn't make sense, with respect to General Motors? The taxpayers are destined to be on the hook for the pensions anyway, so why doesn't the government force GM to break up, leaving the pension guarantees with General Motors, but sell off Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab,

Comments

[corey_m]

The whole thing is just rancid. The UAW gets more than the bondholders and the credit default swap insurers (probably Goldman Sachs and JP Morgan among others) lose zero while the taxpayer loses billions!

[peterbirks]

It's not so much taxpayers losing and non-taxpayers winning. All the parties involved will be able to point to how they "pay their taxes". It's a matter of special interest groups with leverage in Washington winning, while those with no leverage (such as, for example, you) end up losing. The Senators and Congressmen whom you and millions of others elect will always be working for two employers, the voters and the special interest groups who fund their campaigns or support their other causes. The only time that you, the voter, are likely to come first in that queue is between primary time and election time. The rest of the time, forget it. It seems to me (an outsider) that this is the inevitable upshot of the way that the US electoral system is designed (particularly the primary nomination system for even the most junior elected post).

PJ