I watched the third and final presidential debate Tuesday night, and I found one issue particularly troubling – Romney’s discussion of the bankruptcies of GM and Chrysler.
When the auto companies were on the verge of collapse in 2008, Governor Romney called for a structured chapter 11 bankruptcy. Taking the auto industry through bankruptcy without proper funding to keep the companies operational surely would have been a disaster. It would have lead to the demise of both GM and Chrysler, put thousands out of work, and might have crippled an economy already on the verge of collapse.
Presidents Bush and Obama understood this. They knew the industry needed an infusion of government capital because private lenders were not coming forward to help the companies. The administrations gave the auto companies nearly $80 million in aid and GM and Chrysler went through a managed bankruptcy. The companies have now returned to profitability, scores of people have jobs, and the economy continues to recover.
The governor’s change on this position has been well documented in many places, including an article published after the debate in The Washington Post. I encourage you to read it.
As a bankruptcy attorney, I have a special understanding and sensitivity to this and other issues related to bankruptcy. But you don’t need to be a Fortune 500 company to receive the care and attention you deserve. I have decades of experience assisting people just like you, and I’m here to help you on the path to financial recovery. Please contact me today.