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    CEO Confirms Treasury is Calling Shots at GM

    In a surprisingly frank statement this morning, General Motors CEO Fritz Henderson confirmed that the Treasury Department is calling the shots on the company’s on-going restructuring. As reported by the New York Times, Henderson stated that GM was told by the Treasury Department to offer bondholders only up to 10 … More

    A "Surgical" Bankruptcy for GM?

    Bankruptcy law is rich with colorful vernacular: cram-down, strip-down, haircut, matrix, etc. But until a few weeks ago, nobody had ever heard of a “surgical” bankruptcy, the Obama Administration’s preferred term for a very big business, like General Motors, whizzing through bankruptcy in just a few weeks flat, rather than … More

    Bankruptcy? Nope, It's Just Another Bailout.

    All bankruptcies are not created equal. For months, Heritage and other conservatives have counseled that the proper course for an ailing automaker is the same medicine as for any other sick company: the bankruptcy process. All along, industry shills and union activists have pooh-poohed that idea, claiming that bankruptcy filings … More

    Morning Bell: Car Salesman in Chief

    On April 8, 1952, President Harry Truman ordered Commerce Secretary Charles Sawyer to seize and take over operation of most of the country’s steel mills. Truman cited no legislative authority for his actions. Instead, he cited the Korean War. Truman claimed there was a national emergency and his presidential war … More

    "Cash For Clunkers" Drives into Reality

    But for handing over gobs of cash with no strings attached, it would be harder to imagine a more sweetheart deal for the auto industry: According to the Wall Street Journal, Congress is considering a proposal to pay consumers to buy new cars. It could wind up as part of … More