June 01, 2009

The GM Financial Fiasco

GM filed for Chapter 11
bankruptcy today.

GM stock got thrown off the stock market.
It's now considered to be a penny stock .

GM workers are wondering if they will get their last paycheck.

Oh, and get this:

GM's reorganization plan will rely on up to $30 billion of additional financial assistance from the Treasury Department

Wait a minute.
The whole bailout thing was to prevent GM from going bankrupt because that would have been a disaster. But now bankruptcy is not a disaster? Go figure.

I admit to not being a math genius but I have always balanced my checkbook.

I'd like to know, where did all of those previous billions of bailout dollars go?

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