GM's Wagoner: White House Leery Of Forced Bankruptcy

The chief executive of General Motors today seconded the notion that the Obama administration is backing away from supporting a "structured bankruptcy" of GM and Chrysler, as it sees the rapid deterioration of the vast chain of parts and services companies that serve the U.S. auto companies.


Rick Wagoner, in Washington for meetings with task force officials, told reporters at a press conference that "the concerns about the supply chain have risen pretty rapidly recently," and that this is leading the Obama task force to take "a very broad view" to "make sure that anything they do doesn't fix one problem here and not there."


Wagoner's comments came one day after financier Steve Rattner, who is heading the Obama auto task force, said that "bankruptcy is not our goal nor a desirable outcome."


Read the rest ...

Presented by

Cyra Master

Cyra Master is a W.E.B. Du Bois fellow at the Atlantic. Previously, she was an editor at the nonprofit Center for Law and Social Policy and was a reporter for the New Hampshire Eagle Tribune. She is a graduate of Emerson College.

Riding Unicycles in a Cave

"If you fall down and break your leg, there's no way out."

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.

blog comments powered by Disqus

Video

Riding Unicycles in a Cave

"If you fall down and break your leg, there's no way out."

Video

Carrot: A Pitch-Perfect Satire of Tech

"It's not just a vegetable. It's what a vegetable should be."

Video

An Ingenious 360-Degree Time-Lapse

Watch the world become a cartoonishly small playground

Video

The Benefits of Living Alone on a Mountain

"You really have to love solitary time by yourself."

Video

The Rise of the Cat Tattoo

How a Brooklyn tattoo artist popularized the "cattoo"

More in Business

Just In