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May 29, 2012

Bob Lutz's Sickening GM Bailout Comments

So Bob Lutz thinks the General Motors bailout went fantastic? Okay Bob, answer these questions for me: 1) How many shares of General Motors does the federal government still own? 2) How much money did bondholders lose when the government violated 400 years of contract law to put GM through its form of "bankruptcy?" 3) What evidence is there that General Motors would not have survived on its own without a traditional Chapter 11 bankruptcy? The timing of this opinion is also impeccable!

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