Quote:
Originally Posted by Rochard
He's telling us Gm should have gone through a structured bankruptcy. So that means thousands of companies that GM owes money to would have to stand and line wait six months to a year to get paid and they would be lucky if they got thirty cents on the dollar - shoving more people in the unemployment lines.
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Dude...Obama DID put both GM and Chrysler through a structured bankruptcy. THAT is what the liberals don't talk about.
Look it up for yourself.
On April 30th, 2009 Obama rejected Chrysler's restructuring plan and announce his own bankruptcy plan for Chrysler.
Then on June 1st, 2009 he announced GM's bankruptcy.
This is Obama's own words from the announcement:
"?Exiting a restructuring of this scale, however, requires not only new investments, it also requires giving GM a chance to start anew by clearing away the massive past debts that are weighing the company down,? Obama said on June 1, 2009. ?And that's why earlier today GM did what Chrysler has successfully done, and filed for a Chapter 11 bankruptcy, with the support of its key stakeholders and the United States government.
"In all likelihood, this process will take more time for GM than it did for Chrysler, because GM is a bigger, more complex company. But Chrysler's extraordinary success reaffirms my confidence that GM will emerge from its bankruptcy process quickly and as a stronger and more competitive company,? he added."
I don't understand why people are not aware of any of this and/or pretend that Romney was wrong and Baby Jesus Obama somehow waved a magic wand and "saved" the industry.
He put them through bankruptcy AFTER giving them a massive bailout.