WSJ reports that the UAW has said US taxpayers will provide additional massive bail out funding to GM. Nothing like layering another $20-30 billion in DIP funding and really destroying any bondholder recovery claims. As for the surging common stock action - takes a really smart man to explain that one.

The question arises who will Rattner pick out of the hat for the role of Good GM's stalking horse bidder, now that Chrysler is the template for automotive bankruptcies:

Fiat - already taken

Volkswagen/Porsche - hm, many self-inflicted problems there

Daewoo/Hyundai - not sure how the UAW will feel working for Korean concerns. Also, those North Korean nukes may be a bit of a question mark here

Mercedes - hah

TATA - See Hyundai, replace Korea with India

Ford - possibly, not probably, but possibly

Nissian/Renault - very possibly; the company was very close to a merger in the Kerkorian days, they are most familiar with the operations. Nothing like Nissan getting some U.S. taxpayer backstop funding after lobbing a couple billion to obtain the T800 chassis trademark and a few other auto parts.