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Politics : Welcome to Slider's Dugout
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To: bearjones who wrote (13507)11/20/2008 9:03:45 AM
From: rolatzi1 Recommendation  Read Replies (2) of 50526
 
It seems that the automakers stated to Congress that they are planning on Chapter 7 liquidation, not Chapter 11 reorganization and that they had no plans for Chapter 11. I presume this is a ploy to try and extract money out of the federal government. Chapter 7 would most certainly destroy the domestic (Michigan based) auto industry as well as much of the supply network. There is no way that Congress would allow that to happen but such a possibility it being priced into the stock market. IMHO, Chapter 11 is the only future action that makes sense for GM, Ford and Chrysler and ongoing bailouts by the Federal government will do nothing to make these companies more competitive.
Rolatzi
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