Reply #8: GM doesn't have enough money to file Chapter 11. [View All]

[mn9driver]

When my airline filed bankruptcy and destroyed my income and pension, they were quite careful to do it while they still had enough cash to get started with reorganization and get exit financing. The management idiots at GM have enough cash to make it through December. They do not have enough to reorganize, and no one--and I mean NO ONE is going to finance this for them, excepting you and me via a federal bailout.

The unions will still be around after a reorganization, but pay, pensions and medical benefits are going to get hammered, just like they have at all the other companies that have done this. The US government is going to end up owning an awful lot of our financial services and manufacturing industries, but we will allow the overpaid morons at the top to continue to run them badly and collect gigantic paychecks, because we wouldn't want to be "socialist", would we?