GM to emerge from bankruptcy Friday.

"Opponents of General Motors Corp.'s plan to sell the bulk of itself to a new government-controlled company faced a noon deadline Thursday to file appeals and find a way to get the sale halted... As part of the Obama administration-backed sale plan, the U.S. government will get a 60 percent stake in "new GM" in exchange for what's expected to eventually total nearly $50 billion in aid.

The Canadian government, which has also contributed billions in aid, will get a 12.5 percent stake while the United Auto Workers union will take a 17.5 percent share to fund its health care obligations. Unsecured bondholders receive the remaining 10 percent.

Existing GM shareholders are expected to be wiped out." (Good thing I did not invest in GM.)

This article says it all. A new era for America has arrived--a major American industry controlled by the government. Worth noting.