General(Government) Motors and that Italian company Chrysler are walking dead corporations, they just don’t know it yet. Give them a couple of years.
One of the main purposes of a bankruptcy proceeding is to allow a company to shed the chains that have dragged it into this state. Thus, it emerges from the proceeding in a stronger condition -- with a chance to succeed.
The problem with these bankruptcy proceedings is that the heaviest chains -- the union contracts and pensions -- remain in place. Everybody else took it in the shorts -- the bondholders, the white-collar employees and many of the dealers.
But what caused the company to fail in the first place remains an integral part of the business.
It's only a matter of time...