“Obama’s new GM CEO: You know, bankruptcy looks really good now.”
Ed Morissey quotes from a post he wrote in November suggesting that might have been a good idea–before billions of taxpayer dollars flowed into GM’s pockets:
Now that Wagoner has gotten kicked out, ostensibly to protect the taxpayer investment, Henderson wants to declare bankruptcy and leave taxpayers in the lurch. Unfortunately, he’s right. Had we taken a tough-love approach to the problem in November, we could have saved ourselves $14 billion and GM could have already been on its way to fixing their problems in labor and in management.
Tough-love? Is that a SAMHSA-approved therapy technique?