[JasonC]

When a business enterprise puts conditions on an $8 billion loan, it is not a departure from your sainted rule of law. It is simply business. The US treasury is a business enterprise in this sense, and it can act like any of them. It made a deal with two car companies, a union, and a whole consortium of banks, and a few bondholders want to hold the entire deal to squeeze out another nickel. That is precisely all that is going on. And the US treasury is quite right to use every ounce of leverage it has to tell them to take a flying leap. It doesn't have to lend the new company one dime, and if it doesn't none of those bondholders will get a red cent, and they know it.

The level of crass ideological stupidity around here is just staggering.

[Candor7]

a few bondholders want to hold the entire deal to squeeze out another nickel.>>>>>>>>>>>>>>>

I take it you have never played poker?

And now the government half way through the game doesn't want to play?

BUahahahahahahaha

Then the government needs to back away from the table and go play with their money elsewhere.

[bvw]

"It doesn't have to lend the new company one dime, and if it doesn't none of those bondholders will get a red cent, and they know it"

There are no its. The lender is us, although Obama's administration and the Congress are acting as rogue agents -- outside of the charter we established. And the senior bondholders would get every asset, once in Bankruptcy. The US loans are -- correct me if I am wrong -- not senior.