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I still don't know if General Motors (GM) is shot.
But I do know who'll be calling the shots.
Definitely not GM.
Uncle Sam.
Here's the deal.
Sometimes a lousy deal beats no deal.
And for long-vilified GM bondholders, they're taking this deal because they can also take a hint.
They'd be the whipping boy if this turkey went down, so serve the turkey up.
Albeit a turkey apparently with more meat, a deal that slightly increases their ownership serving from 10% to, if these creditors play their cards right, 15%.
The deal is still pretty lousy for them.
But so is being fingered by the most powerful man on the earth for bringing down the most storied company on earth.
So they're going along, but I suspect with a wrench to their skulls.
But focus not on their skulls. But the numbskulls calling the shots.
Because pay no heed to their stake, focus on the government's stake.
Likely more than 72% in this new GM version of the old GM version.
That's a big stake.
And one not easily unwound.
If even the government were so inclined.
And right now, it doesn't look so inclined.
...so immersed in dictating what kind of cars GM should sell, what dealers should sell 'em, and even what executives should be calling the shots on who sells 'em...That something tells me they ain't going anywhere anytime soon.
Saturday we'll know for sure.
That's the deadline to accept or reject this.
But who at this point would reject this?
The government has just offered 'em a deal too good to refuse?
Who turns down such things?
