Bob Calco wrote: >> The auto industry is too important to the USA security and economy to >> allow it to go through the normal channels of a chapter 11 >> reorganization. That would be a long, drawn out process with no >> guarantees about what might eventually emerge, if anything. >> > > http://online.wsj.com/article/SB123841609048669495.html > > - - - > WASHINGTON- The Obama's administration's leading plan to fix General Motors > Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing > companies of their biggest problems, including bondholder debt and retiree > health-care costs, according to people familiar with the matter. > - - - > > >
I think the GM bonds are already in default, thus virtually worthless. Can the government keep the bondholders from putting GM in chapter 11, and if not, what happens to the 17 billion loans form the USA taxpayers? Regards, LelandJ >> It's much better that the auto industry be reshaped with the fully >> faith >> and credit of the government. >> > > What faith? > > What credit? > > >> The American people are much more likely >> to continue to patronizing GM, >> > > Read the article. The issue is the UAW contracts that have bankrupted the > "bad GM". Without those it wouldn't need a government bailout (not that it > should take one in any case) or bankruptcy. > > Obama's labor policies will ensure every industry is bankrupted by union > contracts, and forced into federal ownership. Henceforth GM shall stand for > Government Motors. > > Cloward-Piven Strategy 101. > > >> knowing that the USA government has full >> faith in GM's eventual success, as well as a substantial investment at >> risk. >> > > The government is using trillions of dollars of monopoly money to bribe US > private industry into a suicide pact. > > So far a lot of them have chugged the Koolaid, hoping to save their jobs. > Others will be force fed. It's sad to watch. > > - Bob > > >> Regards, >> >> LelandJ >> > > > [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
