Quote:
Originally Posted by SlingShot
Like him or not, without him we wouldn't be driving Chevy's ...  |
Wrong.
Without him we would still be driving Chevys. GM did in fact declare bankruptcy. He didn't save them from that.
Instead of re organizing according to the bankruptcy laws he just declared all the people with the preferred stock to be the losers and funneled their interest in the company over to his allies who I won't mention but you all know who I mean.
If nobody meddled in the process GM would have re organized and came out the other side just fine.
In fact they would have come out BETTER because they would have been able to re-negotiate contracts that cause them to have high production costs AND they would not be beholden to a bunch of opportunists who want to force them to make cars nobody wants.
"Saved" the auto indusry? Nope.