(12-11-2008, 02:04 PM)fyre link Wrote: NYTimes is saying the Republicans might stop it in the Senate. ;D That would be funny. Republicans might do something half-way decent for a change.

(12-11-2008, 02:19 PM)CaffeinePowered link Wrote: I dont mind the concept of a bailout but I think if you do, you have to do something radical...

Quote:WASHINGTON — President Obama will push General Motors into bankruptcy protection on Monday, making a risky bet that by temporarily nationalizing the onetime icon of American capitalism, he can save at least a diminished automaker that is competitive.
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It also places the government in uncharted territory as a business owner, as it takes a 60 percent ownership stake in the company during its restructuring.
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To assist in the restructuring, the automaker is expected to hire the consulting firm Alix Partners, which has worked on several major bankruptcies, including those for Enron and Kmart. One of the firm’s partners, Al Koch, is expected to manage the liquidation of corporate assets that G.M. will shed during its Chapter 11 restructuring, people with knowledge of the strategy said.