Report: Obama believes automaker BK appears inevitable

[girl gone mad]

Report: Obama believes automaker BK appears inevitable
http://www.calculatedriskblog.com/2009/03/report-obama-believes-automaker-bk.html">Calculated Risk

From Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=aUFsRbmQyiJU">Obama Said to Conclude Bankruptcy Best Option for GM, Chrysler

President Barack Obama has determined that a prepackaged bankruptcy is the best way for General Motors Corp. to restructure ...

Obama also is prepared to let Chrysler LLC go bankrupt ...

“quick and surgical” bankruptcy ... appears to be inevitable ...

This seems like the end for Chrysler. Hopefully GM will emerge as an efficient and competitive (and smaller) automaker.

[DJ13]

1. Bye unions, and thanks for the help winning last November

[FrenchieCat]

2. I just want to ask you......?

“quick and surgical” bankruptcy ... appears to be inevitable ...

Is that line as you wrote it supposed to be an Obama quote?

Cause when I go to the article, Obama is not quoted......

someone else is saying what is in quote.

So I ask you,
Are you just attempting to manipulate news information
for the kind of reaction you want?

Cause it that's the case, I will be discounting anything you have to say from this point on.

[girl gone mad]

3. From the Bloomberg article that's linked to in the piece:

March 31 (Bloomberg) -- President Barack Obama has determined that a prepackaged bankruptcy is the best way for General Motors Corp. to restructure and become a competitive automaker, people familiar with the matter said.

Obama also is prepared to let Chrysler LLC go bankrupt and be sold off piecemeal if the third-largest U.S. automaker can’t form an alliance with Fiat SpA, said members of Congress who have been briefed on the subject and two other people familiar with the administration’s deliberations.

While Obama two days ago gave GM 60 days to come up with deeper cost and debt reductions than the biggest U.S. automaker proposed in a viability plan submitted last month, the “quick and surgical” bankruptcy his administration described as an option appears to be inevitable, the people said. Obama personally signed off on asking GM Chief Executive Officer Rick Wagoner to step down, as he did on March 29, they said.


Bloomberg has been pretty reliable to date.

[FrenchieCat]

4. So it is "the people" that said this, but you chose to make sure the quote was under Obama's name.

Interesting.

What has our President stated beyond what he stated on the day he made the announcement?

Anything? :shrug:

[girl gone mad]

5. Is this supposed to be an attack on my credibility?

The piece I posted is from Calculated Risk, a highly respected financial blog which is widely read by people in the financial industry and related fields. You can go to his web site and complain to him if you like. What, exactly, your issue is with the way he reported this information, I haven't the foggiest clue. He never indicated that it was a direct quote from Obama and neither did the Bloomberg writer.

[corruptmewithpower]

6. I believe the President is deeply enough involved in GM and

Chrysler that he will take his responsibility for the welfare of the workers to heart. I don't think this thing is over by a long shot.

[CoffeeCat]

7. Are these the same automakers offering free payments...

...to people who lose their jobs?

I hope to heck--no one buys an expensive, new car--expecting that these companies will pay those payments.

If they do bankrupt, that deal will be off. Then what do those people do who have new cars, no jobs and
still have to make the payments?

I hope no one falls for that marketing gimmick that will never stand the test of time.