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.
WSJ
Without a federal bailout, the auto industry may have been forced to deal with various bankruptcy filings. Thank God we decided to put billions into the auto industry, so they can declare bankruptcy. Wait, WTF!?!?! Once again, that is money well spent right there.
Monday, March 30, 2009
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