With Obama throwing out corporate law and bondholders being raped at every turn, just who in their right mind will ever invest in an auto company (or any large company now dependent on the government for their survival) in the future? Answer?? No one.
Washington's Short-Sighted Action May Haunt Unions
As General Motors teeters towards bankruptcy, with a looming deadline of midnight tonight for bondholders to agree to a stock swap, Reuters reports that the talks don't look promising. The Wall Street Journal got the scoop regarding how the unions will shake out in all of this: very similarly to how they did with Chrysler. This seemingly good news for unions might actually turn out to harm them.
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