Pat C

Why Chrysler Needs to Declare Bankruptcy

I believe a more important issue with Chrysler from the Treasury's perspective is the need to set an example for the bondholders/other secured & unsecured creditors that we (the people) are not going to step up to a bad deal. (Just in case we have future government actions with the likes of GM, financial institutions etc. etc. etc.).

Geithner to Put Chrysler in Bankruptcy Next Week

The latest is indicating that we have virtually no collateral on previous advances. We are stuck in a 3rd position to the bondholders. I can't believe it.