GM Bankruptcy

I will wake up tomorrow to GM's bankruptcy.  Amidst speculation that kept a good friend of mine busy trading GM options for the last several days - this news is almost final.  I was running some quick calcs to figure out how much the tab will be.  With $30 bn in additional finding, I won't be surprised if the total tab is in the range of $100 bn.  This is a large amount that is bothersome.  The bigger issue is thought - can the government restructure better than the private sector. Under what circumstance and where is the evidence that supports the proposal on the table.  I see $100 mm going down the tubes.  Why do so?  Economics is about reallocation of resources to more efficient activities, firms, or goods.  And moves such as GM's come in the way of these self-correcting mechanism.  This is exactly the danger when some icons of certain beliefs are treated otherwise  and worse resulting in inefficiencies and hits innovation.  I do not support what is being done to GM.  What is good for GM is not good for America in the long run.