GM is backing out of the Opel deal. Yup, $4B of the bailout money will go to restructuring costs. According to the article, they can use the bailout money now because they are out of bankruptcy.
AutoBlogGreen - GM calls off Opel Sale
Speedy bankruptcies are an inane, corrupt factor in this economic collapse. Corporations can get rid of the "icky" bits like labor contracts, product liability, or pensions, and keep the sweet bits, like critically underperforming european brands. Heck, being big is what matters, right?
It is infuriating that there are two standards in our country. If you are an individual and declare bankruptcy, you still owe. If you are a corporation, you keep everything, get free money, and lose your debts.
It is insane.