GM on life support, plug about to be pulled

GM is closer to bankruptcy than ever before, with bondholders rejecting the best deal they would have ever gotten. This paves the way for a bankruptcy by next Monday.

At least our loans will not go to waste, the US government will effectively own GM when all is said and done, which is at least a bit interesting.

I still don't know why the bond holders refused this offer. Sure, it was offering them 37 cents on the dollar, but now they will get much less.

Besides them, those who will truly be fucked are the pensioners, who could potentially go from $50,000 a year pensions to less than $20,000 if GM's pension fund is taken over by the government, which is possible.