Chapter 11 is the right road for US carmakers

Financial Times by Joseph Stiglitz | Dec. 13, 2008 (Opinion)

The debate about whether or not to bail out the Big Three carmakers has been mischaracterised. It has been described as a package to help the undeserving dinosaurs of Detroit. In fact, a plan to bail out the carmakers would benefit shareholders and bondholders as much as anybody else. These are not the people that need help right now. In fact they contributed to the problem. Full Story »

Posted by Derek Hawkins

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Douglas Hord
4.5
 by Douglas Hord - Dec. 14, 2008

Very well written - makes my mind have to snap to just a bit. NYT has a similar argument (without the bankruptcy analysis) that is far more AOL news without the financial background this has. Pointing out that bondholders and stockholders should get zero when a company fails is something that the news media at large has failed to do lately.

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