He is handing america over to the un and
he is choosing to quit and loose all wars and draw down our military!
i hate the treasonous basturd!
GM owed the unions a lot of money in pensions and health care. The unions accepted a piece in the reorganization as payment. The deal was done in a bankruptcy court. You might note to get the deal done the banks got paid off.
"General Motors Corp. and the United Auto Workers have agreed to a new restructuring plan that would give the union a significantly smaller stake in the company than previously envisioned, and leave the U.S. government owning as much as 70% of the car maker.
The government's plan also calls for paying off in full GM's secured lenders, banks including Citigroup Inc. and J.P. Morgan Chase & Co. that are owed about $6 billion. That would remove one potential obstacle to a speedy bankruptcy reorganization.
Under the new UAW terms, the union's health-care trust would own 17.5% of a reorganized GM, ..."