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President Barack Obama has determined that a prepackaged bankruptcy is the best way for General Motors Corp to restructure and become a competitive automaker, Bloomberg reported, quoting people familiar with the matter.
Obama also is prepared to let Chrysler LLC go bankrupt and be sold off piecemeal if the third-largest U.S. automaker can't form an alliance with Fiat SpA
Apparently this would hurt Toyota and others
Condemning “a failure of leadership” from Washington to Detroit for the decline of America’s carmakers, President Barack Obama rejected the turnround plans
Originally posted by John_Q_Llama
Here's a company, GM, that is clearly struggling and has been hurting for some time though that plight has only recently come to light for most people. Yet they are expecting the US government to know how to fix everything? Are you kidding me? The US government is trillions of dollars in debt, incredibly bloated and over sized, full of waste and excess red tape, and yet people really believe that they are going to be able to fix things? Hah! If I worked for GM I would be very concerned.
The real danger, the 'Taliban'....was, and still is, in Afghanistan.