If one follows the price of GM stock, one may be confused by just what the perspectives for GM are. I present the last week's trading price of on the run GM bonds (in this case the 9.4%'s due 2021), which after opening at about 8 cents on the dollar a week ago, have hit an all time low. For old-school PM's, this implies a 196% yield to maturity (good luck collecting on it). Next week's DTCC CDS update will be interesting as it is almost a 100% certainty that all parties, who have to this point held GM CDS, will be unwinding en masse, since the upside from here is essentially 0, and the last thing you want to do with the current administration is hold CDS into GM's bankruptcy, and be demonized by the president for being the one and only reason why 1 million+ UAW workers will soon be unemployed.