General Motors: The Gift That Keeps On Giving

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You can just see the stimulus money being counted for this one already. As anybody who lives close to one of GM's former plants can attest to, toxic assets come in forms other than CDOs. While the new GM goes about its business of doing the UAW's bidding, the old GM has to clean up the environmental mess left behind by all those plants that turned out the cars nobody wanted. The courts left $1.2b in the old GM's wallet to wind itself out of existence. Of that, the current (low-ball) estimate for cleaning up the poison the company threw into rivers before its epiphany and subsequent embrace of everything green is $530m.
Through the magic of the 363 process, the new GM has nothing to do with the endless amounts of crap from the old GM which means once the $1.2b is shot, taxpayers stimulus will be funding the rest. Only through the genius of the drive-through bankruptcy process could government officials find a way to make bank bailouts look cheap.
GM gets to dump its polluted sites [Detroit Free Press]

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