“Bush should have done this. How many billions down the drain?”
Have you read the plan? It’s not a bankruptcy - it’s a UAW bailout with a “bankruptcy” label. Taxpayers pay for the UAW health and pension benefits. It’s an outrage.
Yes it is an outrage, but if the autos go, we will pay for the pensions anyway just like the Airlines.
Which is why Bush should have done this. He should have forced a real Chapter 11, not this phony UAW bailout in disguise. The billions down the drain are in the future as well as the past. And if you think this is bad wait until GM files.
Maybe you have a link to it since you read it!!
Not only that but the bond holder probably have insurance for default. The default will probably put someone who is too big to fail under and the treasury will bail them out too.
Fiat should run away from Chrysler.
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.
Though it leaves me curious. Once this happens, won’t the union in Michigan be significantly smaller with time...and less influential?
Agreed. The democrat-communist party is on the move and will try to own most of Americas captalist buisness in the next four years and only liberals will run them, which is disaster in the making and communism on the march.