Bankruptcy for GM. Ford Next?
Saturday, June 27, 2009
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PDF General Motors on Monday filed for bankruptcy protection, even after $19.4 billion in federal bailout money. It now appears that taxpayers will end up with a 60% stake in the restructured company. Cato scholar Daniel Ikenson has long suggested bankruptcy as the best course for GM, and now worries about Ford's future: "The government has a 60 percent stake in GM. Who's going to want to own Ford stock—and therefore, will Ford be able to raise capital—when the U.S. government has an incentive to tip the balance in GM's favor wherever it can?"
- Full statement from Ikenson
- "An Overdue Reckoning in the Auto Sector," by Daniel Ikenson
- "Don't Bail Out the Big Three," by Daniel Ikenson
Bankruptcy for GM. Ford Next?
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posted by tgazw @ 3:11 PM,
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