Wednesday, June 3, 2009
Chrysler and GM Chapter 11 - important to economic recovery
Fairness of the treatment of secured bond holders in case of Chrysler and unsecured bond holders in case of GM is questionable. However, the threat of bankruptcy has enabled these companies to close competitive gap in labor contract. The speed at which Chrysler is emerging from bankruptcy is remarkable. I hope GM speeds through Chapter 11 the same way.