Obama has determined that the best way to go is for GM and Chrysler to rollover and do a prepackaged bankruptcy. At least he was thoughtful enough to put it in a package, bow and all. This is 48 hours after he decided to give GM 60 "more" days to avoid the inevitible disaster. I heard they were an Escalade short of solvency. With the government now being in full control, Im sure they will be using Barnet Frank's "ownership" leverage to the fullest extent. Can't wait to drive my rubix cube with wheels on my next long trip.
If you actually purchased GM in a "die and hold" account, it is now a good time to slowly remove the barrel of the revolver from your mouth. Hey there's always Citi to get even.
Tuesday, March 31, 2009
GM and Chrysler to Go Bankrupt
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
2 comments:
If only AIG and Citigroup would go out on the same day as GM and Crysler, we could all move forward.
steve
i know-one can hope
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