Yes you, Joe Average, Mr Taxpayer, GM could be all yours.
That's the gist of a restructuring plan now on the table.
By the end of next month, GM's share of the Bailout Fund will hit $20 billion.
In the proposed debt for equity swap,
the debt gets reduced for a chunk of the business.
We, in effect, you and me, under the guidance of our guys in DC,
get to own the company.
Good deal, right?
Unless they go bankrupt after that...
There is, after all, that old story about the Mustang Ranch,
where the IRS seized a brothel in Nevada for back taxes,
then couldn't turn a profit by running it.
PS - The Mustang Ranch story is a bit of an urban legend.
While it's true the government did own it for a while,
they never really got to run it.
It's also just as true though, that the IRS had 'planned' to run it,
but the judge presiding over the case wouldn't release
the business license to the appointed trustee.
