Check out this great column on General Motors’ bankruptcy by Cornell Review staff writer Marc S. Leh. Here’s a small excerpt:
Today, GM stands where it would be if it had never received the bailout – forced to streamline management and answer to its creditors. The scary thought is that the federal government, famous for doing absolutely nothing efficiently, is now charged with returning GM to its old glory.
Instead of answering to a private bank, as GM would have done if it had filed for bankruptcy before the bailout, GM is now under the sole jurisdiction of Obama, Congress, and the US Treasury. Not only have these parties spent with reckless abandon since the inauguration, neither Obama nor Congress has much incentive to make GM an efficiently run, profitable business again.
Highly recommended.
