Obama has determined that the best way to go is for GM and Chrysler to rollover and do a prepackaged bankruptcy. At least he was thoughtful enough to put it in a package, bow and all. This is 48 hours after he decided to give GM 60 “more” days to avoid the inevitible disaster. I heard they were an Escalade short of solvency. With the government now being in full control, Im sure they will be using Barnet Frank’s “ownership” leverage to the fullest extent. Can’t wait to drive my rubix cube with wheels on my next long trip.
If you actually purchased GM in a “die and hold” account, it is now a good time to slowly remove the barrel of the revolver from your mouth. Hey there’s always Citi to get even.