Obama assigned a 31-year-old the project of reorganizing GM. This man's only auto industry experience appears to have been that he slept in his car while it was parked in a GM dealer's lot. Obama then forced GM into a contrived bankruptcy process that followed failed to follow accepted bankruptcy law.

This so-called bankruptcy process lasted an unprecedented one month when similar bankruptcies often require years to complete. The difference is that Obama's bankruptcy abrogated contracts, shredded bondholder's rights, and wiped out all stockholder value.

In 2010 GM continues to be managed by hand-picked Obama cronies.

GM started failing decades ago. GM failed in great part due to ineffectual management that surrendered the company's future to government-imposed union contracts, giving union workers wages higher than workers in similar industries and unsupportable pensions and benefits.

GM's bankruptcy resulted in handing approximately 16% ownership of GM to the UAW. Today the government and UAW together own and control GM. In the Obama-arranged bankruptcy process:

--  GM abrogated contracts with suppliers and its dealers. GM cut off vehicle supplies and announced it would not renew the contracts of thousands of its privately-owned dealerships.

--  GM disregarded and reneged on its bond investors, who had in good faith purchased GM bonds that were backed by GM's assets. These investors reasonably and legally expected GM's commitment to be its bond when they invested.

--  GM stock holders were left with worthless stock, their investments were also wiped out.

This situation is a textbook example of fascism. Who might have ever believed this could happen in America?

Anyone who buys a GM vehicle is supporting this government takeover of private business, appropriation of its revenue, and unfettered union control of its one-time employer.

GM vehicles rattled and rusted for decades, but now they are rotten with the stench of fascism and redistributive socialism.