CNBC reported General Motors's new chief executive told CNBC that filing for Bankruptcy may be the best option for the struggling automaker.
I've known all along tat Chapter 11 was going to be the only way to fix GM. But why couldn't they have firgure that out before we poured so many billions into the black hole.In a taped interview to be aired tonight on NBC Nightly News, Fritz Henderson said that because of greater demands from the Obama administration to restructure, GM is considering the bankruptcy option.
He does not want Obama to fire him too.The auto giant previously had ruled out such a move, saying it would discourage people from buying GM cars.
How are they going to get loans to buy them anyway, and will they want to buy the green cars the government is going to force GM to make. We have already seen how well five and ten year plans worked out in the Soviet Union, as the bureaucracy tried to run the economy.Henderson's comments came after President Obama bluntly rejected turnaround plans by GM and Chrysler and demanded that both companies make fresh concessions in order to get more federal aid.