Quote:
Originally Posted by fastball
The govt. is in the process of formulating a govt. backed bankruptcy plan now. There will be no more straight out loan money from the govt. Congress knows now that no matter how much money they "loan" GM in their current state, they will never get it back, and the company will end up filing for Ch. 11 anyway. So, since they've had $5.6 bil of our tax money since December, Congress is not going to let GM file ch. 11 on their own to protect them from giving that money back.
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Congress can't stop a company from declaring bankruptcy. That's handled in the Judicial Branch. The day Congress has or thinks they have that kind of control will be a bad bad bad day...