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A comment on Ask YC: To save GM or not?. Parent comment

Re:Ask YC: To save GM or not? by Retric on Thursday November 13, 2008 @01:44PM (#363402)
When a company goes bankrupt nobody needs to be fired the next day. A judge can restructure the company and toss out specific contracts such as executive bonuses, union pay, and debts. Look at Delta Air lines as an example of this http://en.wikipedia.org/wiki/Delta_Air_Lines.
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Re:Ask YC: To save GM or not? by bcostlow on Thursday November 13, 2008 @02:20PM (#363455)
Yeah, except GM is so shaky, and credit markets so tight, there is serious concern that they could enter a 'restructuring' bankruptcy, but end up in a liquidation, because they won't be able to secure bridge and exit financing needed operate while in bankruptcy and to actually restructure their debt.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a...

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Re:Ask YC: To save GM or not? by Retric on Thursday November 13, 2008 @04:38PM (#363630)
If they fixed union contracts to become reasonable and limited executive pay then I don't mind government financing as part of that solution, but giving them money when they are as broken as they are now is stupid.
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Re:Ask YC: To save GM or not? by redrobot5050 on Thursday November 13, 2008 @04:04PM (#363591)
All the more of an argument to let them fail.

If the "free market" does not think it is a good investment/risk ratio, why let the taxpayers take it?

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Re:Ask YC: To save GM or not? by thrill on Thursday November 13, 2008 @04:18PM (#363609)
"why let the taxpayers take it?"

It buys votes.

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