It's A Good Thing...

It's a good thing we poured billions of dollars down the GM drain to avoid news stories like the ones I'm reading today....

From Germany:

Vauxhall and Opel Rescue in Chaos Over GM Demand for Extra State Aid

Talks to secure thousands of jobs in Vauxhall and Opel have broken down in acrimony after the German Government accused the US parent company, General Motors, of "scandalous" behaviour by requesting extra state aid.

I wonder where they might have gotten the idea to do that?

From Detroit:

GM Days from Chapter 11 Filing

Bondholders' overwhelming rejection of General Motors' debt-for-equity offer virtually ensures GM will file for chapter 11 bankruptcy protection within days. The filing will probably come around the government's Monday deadline for GM to finish restructuring or enter court protection.

I have an idea. Let's invest MORE money into a company that's going bankrupt and is doing very little to solve the issues that got it there in the first place.

From an anonymous insider:

General Motors to Announce 14 Plant Closures Monday

A person briefed on General Motors Corp.'s plans says the company on Monday will identify the 14 factories it will close as it heads toward a likely Chapter 11 bankruptcy protection filing. About 21,000 jobs will be lost in addition to the jobs lost as a result of closing dealerships.

There goes another five million jobs for the month of June, Nancy.

A few billion here, a few billion there. Before you know it, this bailout thing could start adding up.