GM’s restructuring plan will make the Treasury Department the majority owner of the company, according to Bloomberg. The administration reportedly intends to take as passive a role as possible and will not appoint anyone to the automaker’s board, thereby avoiding the danger that something competent might happen.

GM is currently on the hook for $19.4 billion in government aid, and the money will continue to flow as the company restructures itself, probably through bankruptcy.

Bloomberg:

The government’s ownership would be for the shortest period of time possible and, as a shareholder, the government would participate as minimally as would be responsible, the person said. No government employees will serve on GM’s board.

A possible bankruptcy at GM, should one become necessary, will be a bit longer than Chrysler’s because of GM’s complexity, the person said. Obama hasn’t made a decision on how much debtor-in-possession financing GM would get in a bankruptcy, and the government will provide adequate working capital during any Chapter 11 process, the person said.

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