U.S. Likely Taking Majority Ownership of GM: automaker expected to announce that only a small fraction of the holders of its $27 billion in bonds agreed to swap that unsecured debt for a 10 percent equity share of a recapitalized GM.

In other words, GM is going to file bankruptcy and we'll end up with the taxpayers owning a failed auto company.

But at least Obama's contributors in the UAW will get to keep their country club.