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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction
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To: Sully- who wrote (71521)4/29/2009 8:51:41 PM
From: Oeconomicus2 Recommendations  Read Replies (1) of 90947
 
"What is proposed is even worse than bankruptcy—it would make GM the living dead."

Agreed. Obama & Co. is squeezing out senior lenders - banks - who are afraid, at this point, to fight for their rights because of what Geithner's Treasury might do to them. The result is that the UAW (the organization, not the workers) is being handed both GM and Chrysler as a political gift. And when the UAW and gov't appointees fail to turn around these companies, Obama will just throw more money at them. Or find other ways to give them a leg up over the competition. The senior lenders need to just say no and let a qualified, impartial bankruptcy judge work out who gets what.
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