GM's market cap today is about $1.1bn USD.
How can you justify giving tens of billions to a company that the private sector values at a fraction of that?
How about the next time they ask for a bailout, take a fraction of the money, buy the whole thing, extract whatever money can be taken out for pension/health liabilities, guarantee the rest, and just give whatever is left to Ford, who can take whatever choice bits they might care to have?
I have no idea how large GMs unfunded health/retirement obligations are, so that would be a factor to consider first, though.
POSTSCRIPT: Had a downright mediocre, if not poor midterm this morning, though yesterday's went well. I simply got outworked. It's remarkable how much everyone here really devours this stuff. One guy has slept in the department computer lab for the last week, he hasn't been home once. I know there are more makeshift beds in various offices. I don't think I'm ever willing to go there.