The government's stake in the company originally was to be 50 percent, according to GM's regulatory filings. But it now could be as high as 69 percent. The Canadian government also could get equity for up to $8 billion in aid for the automaker.
Thursday, May 28, 2009
U.S. Government May Take 69% Stake In General Motors
A 69% share means 69% control.
What do you call it when the government owns business? What do you call it when the government seems to go about taking control of entire industries? Seems to me there's a guy in Venezuela who might know what to call it. Can't seem to remember his name either.
And, as we see, the American government is going into business with the Canadian government.
It remains to be seen if Obama will now shut down profitable GM dealerships across the nation. What do you think?