You know, because Uncle Sam has such a long track record of managing things successfully and on budget. But don’t you dare think for a second that the government wants to run the automaker. That’s crazy talk.

NEW YORK, May 19 (Reuters) – General Motors Corp’s (GM.N) plan for a bankruptcy filing involves a quick sale of the company’s healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.

The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source.

The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims…

The government’s plans include giving stakes in the new company to GM’s union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company’s plans.

In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.

So the American taxpayer gets screwed over again, while the unions and government entities take major shares of the company. Weren’t we promised up and down by the bailout crew that we’d be paid back for these “loans” or even make money off of them? Don’t call it a bailout, they insisted while writing the checks. That worked out swell.