Heres a plus for GM Bankruptcy: Remember the news about all GM ignition switches being manufactured faulty a year or so ago ? GM said they would recall and replace every ignition switch in cars and trucks built in like 30 years. Well US court yesterday announced GM is NOT liable to replace/ fix anything built before they filed bankrupcty. Of course we already know they didnt have to pay back their borrowed money Obuma gave them for same reason.

Boeing might look into this...file bankruptcy, and they are not liable for anything defective on any planes they made already. They dont have to fix anything and keep on going from then on like nothing happened

They were liable for repaying the stock-for-$$ exchange but not for any bridge or tarp loan that happened before the bankruptcy which was June 1 2008. Some of that early $$$ was approved to be given/issued to GM and Chrysler by President Bush in the waning days of his term, so you to be fair and honest, we can't put it all on Obama. I believe, it was about $10-$13 billion in loans from late 2008 and early 2009 that the bankruptcy court said went with "Old GM, which means GM and Chrysler didn't have to repay (and they didn't).

quote On December 2, 2008, General Motors submitted its "Restructuring Plan for Long-Term Viability" to the Senate Banking Committee and House of Representatives Financial Services Committee.[22] Congress declined to act, but in December 2008 the Bush administration provided a "bridge loan" to General Motors with the requirement of a revised business plan.[23] It said it needed $4.6 billion in loans within weeks, from the $18 billion it had already requested, and an additional $12 billion in financial support in order to stave off bankruptcy. On February 26, 2009, General Motors announced that its cash reserves were down to $14 billion at the end of 2008. G.M. lost $30.9 billion, or $53.32 a share, in 2008 and spent $19.2 billion of its cash reserves. Mr. Wagoner met with President Obama’s auto task force, and the company said that it could not survive much longer without additional government loans.

If I remember, Chrysler repaid all its bailout money twice and well in advance of due dates both times (1979 and 2008). GM did not. Ford did not take one if I still remember right. What they did do was ask for Congress to give them a line of credit, not technically a loan. Theyre supposed to repay any funds they did use by 2022.