[paul51]

US Treasury now in the business of filing bankruptcy for corporations. Unbelievable what is going on.

[navysealdad]

“Goverment” You will now pay for their pensions and retiree health care benefits and GM in the future too.

[always vigilant]

No Kidding. This is all incredible. All I can say it WTF. The American people, as a whole, are dumber than shit.

[Fast Moving Angel]

Exactly. Someone please explain to me how the US Treasury Dept. has standing to file a bankruptcy petition on behalf of a private corporation (assuming that it isn't an involuntary case).

I suppose, though, that if the government has standing to oust the president of a private corporation, that it can throw a private corporation into bankruptcy.

[Glenn]

US Treasury now in the business of filing bankruptcy for corporations.

I'm sort of curious how that works myself.

[EBH]

That was my first reaction too.

Geithner filing bankruptcy on Chrysler?

The way this is written is nonsensical?

[Iron Munro]

"US Treasury now in the business of filing bankruptcy for corporations."

Also US Treasury now in the business of protecting organized labor contracts and benefits at the cost of destroying one of our few remaning manufacturing businesses.

One of the purposes of bankruptcy is to enable the company to re-negotiate contracts and other legal obligations. What good is this bankruptcy if the organized labor costs are locked in? After all, these costs are the main reason the auto companies are heading for bankruptcy to begin with.