GM

I stayed out of debates about GM's bankruptcy lately, mainly because I said my piece on GM months ago: let the dinosaur die, clean out the excess, corruption and legacy costs, and salvage the remaining pieces of value. Emotions pollute the debates, so to me, the trade was to short it 2 years ago, get out, and move on. Instead, the government decided to spend billions bailing out GM, and then billions more in an extended, painful bankruptcy, in order to assuage a corrupt UAW and government cronies, screwing senior bondholders in the process. Let's just throw out contract law while we're at it.

With $50 billion more of taxpayer money designed to own 60% of GMW (the "W" denotes bankruptcy), that places the market value of GM at $83 billion, which puts it on equal footing along with companies like Google and Apple.

Guess where the smart money will park their money? Not in the "new" GM.