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“President Obama took a victory lap today, praising the re-launch of General Motors as a public company after a $50 billion bailout from taxpayers.” (USA Today)

It’s a bad precedent, and capital was politically diverted from others to help a badly managed company.

FEE Timely Classic
“Political Bankruptcies: How Chrysler and GM Have Changed the Rules of the Game” by Richard A. Epstein