Nationalization of a major US industry [✓]

One hundred days of Obama and the government already has complete control of the largest automaker. The stockholders who owned 90% of it a few months ago now have about a 6% ownership and not a single director.

Nationalization of a major US industry. That was quick. And you should see what they did to Bank of America, in secret, hidden from the stockholders who also once owned their company. Now they own a piece of it, and the piece is about to get smaller.

From the GM Press Release:

"As a result of its ownership of GM common stock, the U.S. Treasury will be able to elect all of our directors and to control the vote on substantially all matters brought for a stockholder vote. In addition, through its stockholder voting rights and election of directors, and its role as a significant lender to us, the U.S. Treasury will be able to exercise significant influence and control over our business if it elects to do so."

So, I wonder how long any talented employees will stay on board... especially high paid talent that will be getting pay cuts now. The union came out quite well, still getting base pay + benefits far above the Toyota and Honda labor force in the US. The union thinks they have won this round. But they have probably sealed their fate... as losers.