Not so fast. There are bankruptcy laws that protect the interests of all parties. BO thinks he can ignore the investors to help the Dems favorite groups is going to have problems in court. There is a set lawful procedure for bankruptcies. One lawsuit by the bondholders and investors will throw the gov plan into turmoil. Chryslet management, thru gov cannot make a separate sweetheart deal with the UAW and bypass bankruptcy laws. The UAW is being taken for a ride. Wait till they find out that the move is illegal and nullified by the courts.
Banks are cut out of their money everyday in bankruptcy courts...watch this will sale through....some kind of pre-package deal.