GM Bankruptcy

I think it’s interesting the a company going bankrupt would be talked about on a political blog, but apparently the US Government will own 60% of the “new GM”.  Canada will also have a major stake in this “new GM” as a 12% shareholder.

So now, here we find ourselves out of $30,000,000,000 (I couldn’t find an exact number, this could be for both GM and Chrysler) and we’ll be paying another $30,000,000,000+ to get GM through the bankruptcy/restructuring process.  This is what happens when the government decides to stick their nose where it doesn’t belong and prop up bad business.

The only good news is that a lot of people saw it coming and made a considerable amount of money off the deal.  I’m currently playing a stock game with a thinkorswim paperMoney account I have a very short position (Gary Coleman short) on GM.  My sources tell me that a judge will decide what the common shareholders will get and the stock will be haulted.  I’m hearing that it will probably be worth ~$.10 a share.  Too bad that wasn’t real money that I had in the markets…