Faced With No Idea of How to Save the Detroit Three, the Administration Turns to Creating New Phrases: "Orderly Bankruptcy," Indeed!
Henry Paulsen shows off his economic prowess by joining the call for an "orderly" solution.
By Marc J. Rauch
Exec. Vice President/Co-Publisher
Is an "orderly bankruptcy" the opposite of a "disorderly bankruptcy" in which management would vacate the premises while employees, share holders and the general public are allowed to loot the facilities?
Or is the insertion of a redundant word ("orderly") only being used to soften the blow of the word "bankruptcy" to make it seem like it's not really a total business reorganization just an extended, extended holiday shutdown?
But wait, isn't every court-authorized bankruptcy an "organized" process by definition?
So many people are trying to pull so many wools over our eyes that I'm breaking out with a skin rash.
Paulsen is supposed to be worth a half-billion dollars from selling stock. Meanwhile, the bailout plan that he insisted be put into play has had no effect, is grounded by indecision, and only appears to be allowing his buddies at Goldman Sachs to be getting bonuses. A mere $700 billion being thrown down the drain.