"June 2, 2009

NEW YORK (CNNMoney.com) -- General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable .......

In the end, even $19.4 billion in federal help wasn't enough to keep the nation's largest automaker out of bankruptcy. The government will pour another $30 billion into GM to fund operations during its reorganization......

"According to GM's bankruptcy filing , the company has assets of $82.3 billion, and liabilities of $172.8 billion....."

Nobody has ever explained how this company was allowed to remain in existence with $82 billion in assets, while having liabilities of $172 billion.

What possible reasoning concluded GM could be turned around by pumping billions into such a corpse????