Taxpayer money to help GM through bankruptcy


If General Motors is going bankrupt, why are we still pumping taxpayer money into it? Beats me, but now the word is that GM is well on its way to bankruptcy and the government (that's us, taxpayers) will have to kick in $77 billion to help that bankruptcy go smoothly.

Here's how it supposedly will work: GM will file bankruptcy around June 1. The type of bankruptcy it will file won't mean that GM will be out of business. Rather, it will restructure (hopefully with a business model that is actually sustainable). In addition to the $13.4 billion GM has already gotten from the taxpayers, another $77 billion would be added to the tab.