A very critical op-ed from Wall Street Journal. Unfortunately it tells too well the possible downfalls in the administration current auto bailout.
[At Chrysler, bondholders give up] nearly full recovery in a bankruptcy in return for 15 cents on the dollar
current bailout strategy amounts to asking thousands of bondholders and GM retirees to buy stock in a GM that the king's[Obama’s] own policies mean they'd be loony to buy
Click on the following to read the full story: Jenkins: GM Is Becoming a Royal Debacle - WSJ.com
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