So the big news today is that the Obama Administration is conducting a forced “reorganization” of General Motors (R.I.P. Pontiac).
The Plain Dealer reports that GM will cut 21,000 jobs and close 42 percent of its dealerships. A lot of bond holders are angry with the deal and feel they’re being shortchanged. Meanwhile, retiree healthcare benefits are in jeopardy if the company enters Chapter 11, which is a real possibility.
Rather than blast Obama, The Detroit News today writes about the efforts the president is making to soften the blow for Michigan. Continue reading
