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The problem is the theft of GM. This is the cash out. Analogous to the common thief pawning a stolen piece of jewelery.

When GM went bankrupt the bond holders should have had first right to the liquidation. Instead the Government waived the bondholders rights and took ownership. Then the Government issues an IPO and the funds go to the now Union controlled new entity and select investors (some selected by the Government) get first shot at any profit. It is theft.
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