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:
Wait a minute.
GM's reorganization plan will rely on up to $30 billion of additional financial assistance from the Treasury Department
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?