Truth to Power

More gloom

General Motors edges closer to bankruptcy

A Wall Street analyst yesterday warned that General Motors has a 30% chance of filing for bankruptcy following a weekend of further turmoil in the Detroit motor industry including the bankruptcy filing of GM’s largest parts supplier, Delphi.

Lets see, how many companies are going to declare bankruptcy before the end of the year? Delta, Delphi, now GM? I guess the presidents yes men are right- this economy is booming. If you’re a bankruptcy lawyer, that is.

And just a hunch. I betcha the rules for a company such as GM to go belly up are a wee bit less punative than those covering you and I.

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