GM and its "reinvention"

This is what GM has labeled as progress:
"...Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York approved the sale of substantially all of General Motors Corporation’s assets to NGMCO, Inc., an entity funded by the U.S. Department of the Treasury."

"The new GM’s common stock will be owned by:
• U.S. Department of the Treasury: 60.8 percent
• UAW Retiree Medical Benefits Trust: 17.5 percent
• Canada and Ontario governments: 11.7 percent
• The old GM: 10 percent

"Additionally, the old GM and the UAW Retiree Medical Benefits Trust will hold warrants that are exercisable for 15 percent and 2.5 percent of the interests in the new GM, respectively."

So now our government is officially an automaker. Its a travesty that it has come to this.

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