Recently released memos show Bush wanted GM and Chrysler to file bankruptcy immediately, like in before Obama took office. So not only did Bush give them the money, he wanted to make sure they were
run (down?) the good ol' Texas Rangers way!
Thank God cooler heads prevailed.
The Bush administration considered requiring bankruptcy filings by General Motors Corp and Chrysler LLC months before they actually did so, a new document shows.
The New Yorker magazine on Monday posted a 57-page economic memo written by Lawrence Summers to President-elect Barack Obama in December 2008 that disclosed new details of the Bush administration's thinking about how to save the two struggling automakers.
The Dec. 15, 2008, memo outlined options the Bush administration was considering, including two that would have resulted in a faster bankruptcy filing for GM and Chrysler — as early as January 2009. Chrysler eventually filed for bankruptcy in April 2009, while GM filed for bankruptcy in June 2009.
One approach was to provide funds in the form of debtor-in-possession (DIP) financing as part of court restructurings, rather than as a bailout with no immediate strings attached using the $700 billion Troubled Asset Relief Program.
"Under this approach, the administration would announce a willingness to extend TARP funds as a DIP loan once a company has filed for bankruptcy. Given GM and Chrysler's current cash positions, it is overwhelmingly likely that one or both would be forced to file before or immediately after the New Year," Summers wrote.
I take a special pride in reminding our readers of the following:
I was referring to the reorganization of GM, not the bailouts, although bailouts were part of the reorganization, that had nothing to do with Bush. The reorganization plan was all Obama.
TeeFuckinHee!
