Gandalf

Pre-packaged Bankruptcy Is GM's Only Option - Barron's

The depth of the problems faced by the 3 American auto makers requires that all three should go into bankruptcy under a common bankruptcy judge and master in bankruptcy with the objective of rationalizing the research, development, product portfolio, manufacturing, marketing, service/warranty and financing into one global competitive and profitable company. This is something the US taxpayer can invest in. Without this bottom-up rationalization, there is no hope for any one of these failed management organizations.

Even if we still had a healthy investment banking community and a strong economy, this would be a daunting challenge for private capitalism.

Now, it needs to be led by the best experts in Congress, Judiciary, and Administration who have our entire national interest at stake, including return on our investment in this industry.

I am not a big fan of Mitt Romney as a political figure but he may have the best set of skills and relationships to accomplish this enormous task. His father was the head of an American car company and he has led a successful investment company.

If the Obama folks and congress want to reach out to get problems solved, he may be a good choice to lead this critical effort for the future of our country.