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GM Buys Detroit, Declares Bankruptcy, Receives Bailout
BY FRANK RUSSO (@ComedyRusso) Detroit is no longer bankrupt; General Motors is. Kind of. In a radical move from the automaker, GM purchased Detroit, which is currently filed under bankruptcy protection as a city. After purchasing the city and all of its debt, GM then turned around and declared bankruptcy themselves, prompting the Canadian and US federal governments to once again step in with a taxpayer-funded bailout. “GM is a North American institution that provides thousands of jobs to Americans and Canadians,” explain GM officials. “Allowing us to go insolvent would be massively detrimental to those economies.” Detroit began filing for bankruptcy protection in July of 2013, and has faced…