If the government would keep their hands out of it and their mouths closed, things like this wouldn’t happen.
Shares of General Motors Corp plunged 17 percent on Monday after a report that the U.S. Treasury is directing the automaker to lay the groundwork for a bankruptcy filing by June 1.
GM, which is operating under $13.4 billion of emergency government loans, has until June 1 to win sweeping concessions from bondholders and the United Auto Workers union. The Obama administration has warned that the alternative would be bankruptcy.
The Treasury department is directing GM to lay out the groundwork for bankruptcy. Wow. Bankruptcy is probably the best option for GM at this point, but I don’t think it’s the government’s call to decide the issue.
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