Quote:
Originally Posted by GoldenRivet
Its called "Restructuring under Chapter 11 Bankruptcy" 
its what every other business has had to do up until the dangerous precedent of the government bailout - the message the government has sent to management and CEOs is clear: "Screw up all you want... we will save your asses.". |
Nail on the head. Prepackaged bankruptcy would have avoided a lot of problems and not set bad precedents. The pandora's box of moral hazard has been opened by bailouts going all the way back to Lockheed in the 70's