re: #352 docremulac

My guess is the automakers have been considering bankruptcy all along but have been getting the message from the new overlords of American industry, the Democrat party, that the thickly padded union granted retirement funds that are pulling the industry down would never be allowed to be put on the table.

That is until this week when I heard a new term: “Structured bankruptcy”. It caught my ear because I had never heard the term and thought “Isn’t that redundant? Isn’t a bankruptcy a re-structuring of a person or business’ debts and assets and therefore already structured?”

My guess is that “structured” in this case is codeword for “bankruptcy with the union benefits off the table.”

Remember last November/December when Mitt Romney wrote an op-ed saying that GM and Chrysler should declare bankruptcy so they could restructure? It would have been a chance to do it with at least a nominal republican president.

Who blocked it? George W Bush. So now they will restructure under Obama.

shaking head