[bill1952]

1st off, Chrysler getting bought by Fiat has nothing to do with this, and second, any GM plan of splitting into different companies and blowing off the bondholders is a monumental mistake.

[Big_Monkey]

"...splitting into different companies and blowing off the bondholders is a monumental mistake.

I've read the whole article twice now, and that's what I come away with - The administration is looking for a way to dump retire health care (paving the way for socialized medicine) and they want to screw the bondholders. No mention of any additional UAW concessions. And in fact, they state that UAW may walk away with an equity position in the company.

It seems like a pre-packaged bankruptcy specifically designed to protect the UAW workers.