[Supermans]

Originally Posted by War Eagle

The only reason it has not already happened is that Congress has been preventing it from happening. Congress and the Obama administration were supported by the UAW and helped get them elected. The word is that the Obama administration would like to see it happen but cannot appear to eager to sell out the union. Obama knows that a major restructure beyond the current plan is needed. There are a lot of backroom politics going on right now and the decision to declare chapter 11 no longer rests with the GM board.

Congress and the Administration do not want to see the large job losses that will occur but may be inevitable.

What you will see shortly is indeed a version of Chapter 11 with the Government forcing one of the large Banks to provide the debtor financing with US backed guarantees. The tax payer will still be on the hook but they will have put lipstick on the pig.


Steve

This is 100% accurate.