Quote:
Originally Posted by trm0002
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...
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You bet your bippy Congress will have a heavy hand in the bankruptcy neggotiations..... GM owes us taxpayers $5.6 bil as we speak, and part of the stipulation for them getting it back in December was they had to prove their viability by the end of this month. Now that they will not be able to do that, Congress is not going to let GM file for Ch. 11, thereby protecting GM from paying back the $5.6 bil they've already borrowed.
Just a few weeks ago the Feds were in contact with the largest and most high profile bankruptcy lawfirms in New York City to discuss the GM situation. Don't you remember that? It was in the news.