General Motors and Chrysler are Bankrupt. Plain and simple. “Bankrupt: any insolvent debtor; a person unable to satisfy any just claims made upon him or her.” General Motors and Chrysler fit the defintion perfectly. Absent the unbelieveable Political Theater of the day both Chrysler and GM would have been directed into Chapter 11 reorganization 6 [...]
Filed under: Auto Industry, Auto Industry Bailout, Banking Crisis, Chrysler LLC, Economy, Financial Crisis, General Motors, GM | Leave a Comment »