Thursday, April 30, 2009

Chrysler Bankruptcy, Short?

Will the government let the bankruptcy judge do the job or will the government subvert that process, too? In my book, The Stimulus Tragedy, I talk about bankruptcy. The process is in place for a reason and should have been used to begin with rather than the bailouts. If Chrysler and GM would have entered the bankruptcy process initially, they would now be well on the way toward finding qualified buyers to manage them effectively and profitably. My concern is that a "short bankruptcy" for Chrysler means the bankruptcy judge will not be allowed to work the process as prescribed by law. I see another subversion of due process, also talked about in my book.

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