[Irish Eyes]

It is a lie. Romney's only support for a "managed bankruptcy" was through private lenders. Problem was, the financial system was in panic at the time, GM was melting down, and there was no private money available. None. This has since been confirmed by numerous Wall Street sources. The only possibility was a government supported bailout, which Romney opposed. If you don't understand this, you shouldn't pretend that you do.

Taken from another poster and this is the way it was.

[norwaypinesavage]

"this is the way it was."

Exactly. GM WAS bankrupt. The only options were takeover, bankruptcy, or managed bankruptcy. In all three cases, most GM plants would continue to make cars, and most GM workers and retirees would continue to get something.

The problem with the Obama directed managed bankruptcy was that Obama stiffed everyone but the unions. Had a normal bankruptcy court directed the bankruptcy, the union contracts would have been voided and "the New" GM would likely be in an even better position than it is now.