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You've Invested In A Company With Nothing But Failed Assets. What A Deal
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GM's doing well now that it's out of bankruptcy, right? Well, yes and no. Yes if you're talking about the GM that emerged from chapter 11 and makes cars. No if you're talking about the other GM, the "old GM," the one that was left with the closed plants and failed assets so that the "new GM" didn't have to carry them on its books. The "old GM" has a bunch of plants -- some on the same property as the "new GM" plants -- that are empty, crumbling, dangerous, used for crime, and awaiting someone to do something about them. Oh, and guess who's paying -- a $1.16 billion loan -- for that failing company and the cleanup and disposition of those empty plants? They should send you a thank-you note. (New York Times)
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