Don’t think GM is going anywhere near Ch. 11 if the Fed gets its request of 50% common stock… at least not right away.
Wouldn’t that be great? The Federal Government running an auto company. Think of what a great job they would do. I’m sure they are way better at building cars than those idiots at GM were. With all of congress’ expertise in auto consumer research, marketing, engineering, manufacturing and their fiscal responsibility they’ll be building great american cars again in no time.
If there is one way to guarantee GM’s failure it is to let the Fed run it. In all due respect I’d rather see GM go though bankruptcy than let the fed take them over. There’s something to be said for dieing with dignity.