Tuesday, March 31, 2009

Obama is Crossing the Public-Private Sector Line; POTC is Against Govt Involvement in ANY Free Market Sector; Capitalism's Rays Musn't be Bent

U.S. President Barack Obama believes a prepackaged bankruptcy is the best way for General Motors Corp. (GM) to restructure, Bloomberg News reported, citing unnamed people familiar with the matter. He also is prepared to let Chrysler LLC go bankrupt and be sold in pieces if it can't form an alliance with Fiat SpA (F.MI), Bloomberg said Tuesday on its Web site, citing members of Congress briefed on the subject and two other unnamed people familiar with the administration's deliberations. Bloomberg quoted GM spokeswoman Renee Rashid-Merem as saying in an e-mail: "Our focus is on accelerating the speed of our operational restructuring and reducing liabilities and debt on the balance sheet," and "GM will take whatever steps are necessary to successfully restructure our company." Chrysler spokesman Todd Goyer didn't immediately comment, Bloomberg said. Full story: http://www.bloomberg.com/apps/news?pid=20601087&sid=aUFsRbmQyiJU&refer=home Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=l7owLFDn%2BkJrDg3iJlhMLA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones Newswires March 31, 2009 21:10 ET (01:10 GMT) Copyright (c) 2009 Dow Jones & Company, Inc.- - 09 10 PM EDT 03-31-09

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