If Obama favors bankruptcy for GM

Why did we bail them out at all? I agree that bankruptcy would have been the best thing for GM but I don't think Obama believes the same. If he did he wouldn't have pushed for a bail out.

The Obama's administration's leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter.

The move would in essence split both companies into their "good" and "bad" components. The government would like to see the "good" GM to be a standalone company, according to an administration official. The "good" Chrysler would be sold to Fiat SpA, assuming that deal is completed, this person said.

GM and Chrysler have had bankruptcy attorneys devising plans for such a move in recent months.

President Barack Obama's task force has told both companies that the administration prefers this route as a way to reorganize the two auto makers, rather than the prolonged out-of-court process that has thus far frustrated administration officials.

GM looks increasingly like it will be forced into filing for bankruptcy protection, sometime in mid-to-late May, in a plan where the automaker breaks into two companies, the surviving entity a "new GM" that maintains key brands such as Chevy and Cadillac and some international units, say several people familiar with the situation.

But in reality Obama forces the CEO of GM to resign and appoints his own to run it. Basically having the government take over GM. They are going to force GM to make all the "environmentally friendly" cars that no one wants. Hybrids aren't going to bring GM back from the dead. We want trucks and SUVs. Vehicles we feel safe driving. Especially up here in the North East where we need 4 wheel drive to get around in the winter.