bankruptcy taxes canada
How did the Canadian govt. become part owner of GM when American tax payers bailed the company out?
I seem to remember U.S. tax payers providing the 50+ billion dollars so this company could go bankrupt and be owned by the govt. But how did CANADA get to be part owner of GM??
http://online.wsj.com/article/SB124646098696280443.html
General Motors Corp. will file for an initial public offering of shares sometime next year, according to a timetable laid out in a U.S. bankruptcy court on Wednesday.
The auto maker, which entered Chapter 11 court protection on June 1, could emerge from bankruptcy majority owned by the U.S. government as early as this month.
The U.S. will hold an about 60% stake, with the remainder owned by the Canadian government and a union retiree trust fund. The U.S. expects to divest its holdings no later than 2018, in line with a plan laid out by the Canadian government, according …
consumers…………thanx for the link.
They also dumped huge amounts of money in, the one that bothers me is why the UAW owns such a large part.
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