[2banana]

The one thing I can't figure out is why none of the big three has NOT declared bankruptcy years ago...and got out from under their massive debts and union contracts.

It is not like it has not been done before.

I guess they figure no one would buy a car from a bankrupt company...?

[RKV]

Yep. Appears to me like their financial reporting has been deficient (materially understated liabilities?), and there might be some jail time due for corporate officers (fraud). Too bad the real culprits (union bosses and the DemocRATic Party pols) don’t get to join in some of that.

[o_zarkman44]

“I guess they figure no one would buy a car from a bankrupt company...?”

Thats exactly what they are afraid of. But it don’t look like people are buying at present either. I don’t think it bothered Chrysler when Iacocca took them over as CEO in recievership, FOR ZERO SALARY! And Chrysler has done good in the years since considering the burdemsome union contract that remained intact.

This is more about the Democrats trying to save one of their biggest campaign contributors and voting blocs, the UAW.

[millerph]

I guess they figure no one would buy a car from a bankrupt company...?

The percentage of companies that come out of chapter 11 is low. Who would want to buy a car not knowing if the warranty would be any good or if parts would be available. Plus, with the computers on cars now there are some things that regular mechanics don’t have the equipment for, only dealers.

[JOLLYDODGER]

This shibboleth that no one buys products from a bankrupt company needs to be nuked right now. How many times have airlines declared bankruptcy only to keep flying? Or more to the point, investors continue to snap up treasury bonds from a bankrupt nation - the United States of America.

[captnorb]

Why should they! Check out this link:http://info.detnews.com:80/video/index.cfm?id=1189