The Wall Street Journal has a scathing editorial today against the government’s restructuring plan for GM.

Under the terms of the debt-for-equity swap, the Treasury will get 50 percent of the stock and $8.1 billion in debt – as much as 87 cents on the dollar. The UAW’s retiree health care trust fund will get half of the stock it is owed, or 40 percent of ownership. That’s supposed to be worth 76 cents on the dollar.

The bondholders? Well, it’s not the best time to be a GM bondholder. Despite holding $27.2 billion in GM debt, bondholders will have to exchange that for 10 percent of GM stock, or about less than five cents on the dollar.

Who wins? Well, as the editorial put it: “Treasury says it would be a hands-off owner, but that hardly seems plausible and in any case that would merely leave the UAW in control. At the next labor contract bargaining session, the union would sit on both sides of the table.”