I Am An Important Fact: GM Edition
Felix Salmon on the GM bankruptcy plan:
The new plan essentially constitutes the nationalization of GM: the US government will own 72.5% of the common equity, plus another $2.5 billion in preferred stock. I can see why bondholders like it: the US will be extremely hesitant to let any state-owned company default, and it won’t sell off its stake until GM’s future viability is assured.
May 28, 2009; 2:00 PM ET
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