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Maynard says:

About that GM public stock offering…What’s not being discussed is GM’s unfunded pension liabilities of $29.4 billion, which is almost half the post-IPO market value. That’s a huge risk and a burden, and makes a rosy future all that more unlikely. I assume the liability exists entirely because the government (that is, your tax dollars) saved GM from going through the bankruptcy cycle, and thus protected obligations to the UAW from which GM would have been relieved in a normal Chapter 11. In other words, in contradiction to normal law and custom, the government “rescue” of GM is just another huge payoff to cronies, courtesy of you and your grandchildren.