Posts Tagged ‘GM restructuring plan’

Nader On GM Bankruptcy: ‘it is a wipeout’ for common shareholders; result of ‘secretive, unaccountable’ government

Monday, June 1st, 2009


The proximate cause of the bankruptcy was supposed to be the inability of GM and the government’s auto task force to reach an accommodation with GM’s bondholders. But late last week, the bondholder problem was moving toward rapid resolution, and was clearly resolvable. Why then are GM and its multibillion government financier proceeding with bankruptcy? (more…)