Obama Denies Planning “Pre-Packaged” Bankruptcy

Bloomberg had an article saying that Obama’s team consulting on how to take the Big 3 into bankruptcy.  Obama’s team is now denying it.  Barry Ritholz, who I usually agree with thinks that bankruptcy is the best option, but for once I have to disagree.  Folks won’t buy cars from bankrupt companies, so even if you’re ok with breaking the union, and see dumping other costs as a benefit, it’s not a good way to deal with the problem. 

Related posts:

1. Obama: Fast-Tracked Chrysler Bankruptcy Worked, Now I’m Doubling Down with GM
2. Obama Team Outlines GM Bankruptcy, Declares US a Socialist Country
3. With GM Bankruptcy Closing TN Plant, Will UAW Spend Against Anti-Labor Senators?
4. GM Bankruptcy in SDNY: Improper Forum Shopping or Search for a Sophisticated Bench?
5. Obama Denies Insurance Mandate Taxes Middle Class, Diminishes Public Option