Here we go again. If the U.S. Treasury doesn’t throw open its shrinking bounty this very minute to yet another company, millions of Americans will lose jobs, small and large businesses will crash, entire communities will vanish and the nation’s ailing economy will go on life support.
So says General Motors Corp., which has joined the growing soup line queuing up at Treasury’s door. Its chief executive officer, Rick Wagoner, is pleading with Washington to allow GM to sidestep the legal process specifically created to handle situations like this, Chapter 11 of the bankruptcy code.
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