Remember, the Obama administration strong-armed GM and Chrysler creditors and bond holders to give up their legal rights which would have attached in a normal Chapter 11 bankruptcy.
The Obama administration’s push to accelerate General Motors Co. and Chrysler Group LLC dealership closings, aimed at helping the companies compete, may not have been necessary and added to unemployment, a U.S. watchdog said.
The Treasury Department should have considered whether speeding up the closings was worth the potential loss of tens of thousands of jobs, according to a report released yesterday by Neil Barofsky, special inspector general for the Troubled Asset Relief Program.
The U.S. had rejected reorganization plans from the carmakers in March 2009, in part citing a “slow pace” for GM to scale back its dealer network.
Chapter 11 is the method by which many industries have restructured and emerged stronger.
Obama was in such a rush that his efforts -- according to his own Treasury Dept. -- likely cost tens of thousands of jobs unnecessarily, as dealerships around the country were closed on almost no notice.
Quite a shot by team Obama. With one stone Obama damaged the rule of law in this country and put tens of thousands of people out of work.
Great job, hot shot.
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