General Motors is now dead. The company’s corpse will be owned and driven mainly by the bad guys who destroyed the U.S. auto industry: government and the labor union.

As reported in The Wall Street Journal (see the first link above), the U.S. government will own 60%, the Canadian government will own 12.5%, and a United Auto Workers union health-care fund will own 17.5%. That leaves only 10% for existing bondholders, the only rightful owners in the lot.

The corpse of General Motors will not run on the principle of trade, but on the expediency of coercion. Instead of trading with investors, it will feed on taxpayers.

Generations ago, General Motors was a great American company. Its corpse is one of the most un-American entities on the globe.