If what is good for GM is good for America (the old axiom)–then maybe America should just declare bankruptcy and get it over with!  Seems that, according to reports, General Motors is in what is being called “intense” and “earnest” preparations to file chapter 11.

According to a Reuters report, the contemplated plan would halve the company into one comprised of its “most successful units” and one made up of all the rest.

Of course, going into bankruptcy for a company the size and complexity of GM is a highly risky move with no real guarantee that it will ever emerge in tact.

Can break agreements

A bankruptcy filing would allow GM to effectively abrogate contracts with its dealers, unions and suppliers…not exactly the best way to create good will, though, perhaps, better than simply pulling a total vanishing act?

But it also would mean that instead of key decisions being made by GM executives flying around in private Cessna jets, most important decisions would be made by some judge driving around, probably in a Ford!

The thing is, GM is running out of both time and money and the government will apparently push it into bankruptcy unless it can pull a rabbit out of its glove compartment and demonstrate it finally “gets it” and makes sweeping changes.

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