But it is what has to happen for GM, Ford, and Chrysler to survive. They have to go bankrupt and throw the UAW under the bus. Unless they break the back of the unions suffocating them and develop a cost structure competitive to toyota and honda, they will cease to exist unless nationalized by Obama and the communists as some sort of welfare job program.
Note, no mention of union concessions.
Huh??? GM to go bankrupt and then we bail them out??? How does that help drive down union costs, pension costs, supplier costs?
Stop it! This is silly!
Enough of this. They won’t survive; no way, no how. Pieces of the companies may be purchased just like the banking operations of WAMU were bought, but the companies themselves are done.
Would you buy a Chevy once GM has declared bankruptcy? Chevrolet and the other GM plates have been bleeding share for too long. A buyer may come in to purchase the production capacity, but that is about it.
GM, Ford, and Chrysler are dead. It is time to bury the carcasses.
Please just let them die so new, more responsible companies can come in and grow. This is no different than the airlines. They should have died too.
Bad. Companies. Must. Die.
I fear rats bearing gifts. The rat idea of a managed bankruptcy is a UAW bailout with rats gaining control of the US auto industry. Say hello to the new rat CEOs, Barney and Chris, guided by their UAW masters.
You’ll hear the MSM pronouncing how the gov’t loans saved Chrysler under Iococca. For those who remember, the gov’t held warrants at $9+ for lots of Chrysler stock. When Iococca went to pay off the debt early, part of the deal was that the gov’t give back the warrants. I recall Chuck U Schumer not being so warm toward that deal, because the gov’t could have made tons of money by exercising warrants when Chrysler stock was above $20/share. The warrants would have ruined the run up. But the gov’t gave in.
The situation is still the same - car companies basically blackmailing the gov’t by threatening to put millions on unemployment conpensation, which even with a bailout now, that scenario is still in the future - ie. money down the drain. Iococca did the same with England when he ran Ford there, way back when. His ‘executive ability’ was way overrated.