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Why the Government Got Involved in General Motors

  |  Minyanville
Posted: 08- 4-09 08:35 AM

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Q: What do you think of the government’s involvement with the auto industry?A: As I shared on the 'Ville a long time ago the balance sheets of General Motors (GMGMQ) and Chrysler flashed in red neon for a very long time that bankruptcy was inevitable. I think Washington was so interested in being part of the auto companies’ bankruptcy process because the traditional process would have had enormous public policy implications -- specifically union workers would have been eviscerated and the government would have had no choice but to very publicly step up. By intervening the way it did ...

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