Posted on 03/30/2009 12:53:01 PM PDT by Big_Monkey
WASHINGTON— The Obama's administration's leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter.
The move would in essence split both companies into their "good" and "bad" components. The government would like to see the "good" GM to be a standalone company, according to an administration official. The "good" Chrysler would be sold to Fiat SpA, assuming that deal is completed, this person said.
GM and Chrysler have had bankruptcy attorneys devising plans for such a
move in recent months.
President Barack Obama's task force has told both companies that the administration prefers this route as a way to reorganize the two auto makers, rather than the prolonged out-of-court process that has thus far frustrated administration officials.
GM looks increasingly like it will be forced into filing for bankruptcy protection, sometime in mid-to-late May, in a plan where the automaker breaks into two companies, the surviving entity a "new GM" that maintains key brands such as Chevy and Cadillac and some international units, say several people familiar with the situation.
(Excerpt) Read more at online.wsj.com ...
Why would we bail them out to the tune of tens of billions of dollars if we are just going to let them go bankrupt, which is what should have happened in the first place.
Isn’t it obvious, Wagoner probably didn’t give enough money to the Obama campaign, and this is pay back........ :)
Because Obama, the Democrats, and their RINO cohorts think you, I, and every other U.S. taxpayer...are stupid.
So I guess that we the taxpayers just lost the billions we “invested” in the past months...? Oh well—I guess if any of these bozos had any skills they wouldn’t be in politics.
Because the current government motors plan went over so well ... If there is one thing the ACTING president does, he listens to the media and it’s a big thumbs down. Remember during the campaign, the creepy talk about the ACTING president watching the media report on what he had just read from his teleprompter?
Would you buy a car from Government Motors.
How does this benefit the UAW?
Follow the money, somehow, somewhere the union guys are the ones who will benefit from any decision coming from the Obama camp.
Well, we know that Obama supporters are stupid.
>> Maybe liquidation, too.
I’m in favor of liquidating their asse s.
The Obama administration will go down in history as the biggest swindle man has ever known.
There it is. Socialized medicine is part of the answer. If GM didn't have to provide medical coverage...blah, blah, blah. The retort, obviously is, you shouldn't be allowed to retire on OPM (other people's money) at age 55.
"Mr. Wagoner was asked to step down on Friday by Steven Rattner, the investment banker picked last month by the administration to lead the Treasury Department's auto-industry task force
Who's Steven Rattner, you may ask yourself. Well, this is from his Wiki page...
He is married to Maureen White, the former National Finance Chair for the Democratic Party
Isn't that nice?
How, in the name of all that is American, can this be justified as government business?
What does this zero know about anything?!
Finally, I agree with Mr. Soetoro... which makes me wonder what’s not being said...
I wonder how nine-percent-nancy is going to take this:
= = =
December 02, 2008
Pelosi: Bankruptcy Not An Option
WASHINGTON — House Speaker Nancy Pelosi said today that she expects the federal government to intervene in the domestic audo industry’s request for cash, whether through legislation or an executive loan.
“I believe that intervention will happen,” Pelosi said during an afternoon press briefing. “I think it’s pretty clear that bankruptcy is not an option.”
= = =
Source:http://www.realclearpolitics.com/politics_nation/2008/12/pelosi_bankruptcy_not_an_optio.html
Not necessarily. The tree-huggers own him. The UAW is so last-century... /s
Cash in on the golden parachute before that deal is wiped out in bk?
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