GM is too big to fail. Newsflash: Failed anyway.

Remember all the shouts we heard way back when, how the US Auto makers were too big to fail? "They can't go bankrupt!" they screamed. "We must give them money to save jobs!" they pleaded. All would be well if Uncle Sam (a.k.a. You and me) just gave them a little bit of cash to see them through. Well, I for one am sure glad we listened. Boy, it would've been terrible if they had gone bankrupt and restructered into a leaner GM! I can admit when I was wrong, and here goes: You were right, Big Government. You were right, Super-CEO Obama. GM cannot be allowed to go bankrupt.

Whew. This just in: Government pushes GM into bankrupcy.

Wait, what?

General Government Motors will now have owners in the following percentages:

1. US Government: 60%
2. UAW (United Auto-Workers Union): 17.5%
3. Canadian Government: 12%
4. Bondholders: 10%

Ouch. Kinda sucks to be a private investor, huh? That's right, GM will now be 10% owned by private enterprise. Now that's just plain good old fashioned fascism socialism Capitalism!

HotAir did a good analysis of how much private investors were getting shafted. Read it here. In short: US government gets ownership for $834 million per percent of ownership. UAW: $629 million per percent of ownership. Private investors: $2.7 billion (with a B) per percent of ownership.

Ouch.