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Investment banks took of venture on housing and mortgages. However these folks have been so far in debt they didn’t have money to pay for the companies. This fraud allowed the banks to offer easy credit, liar loans, alt a loans, option arms, subprime and other easy credit.
Particulars of the government’s involvement in, and approval of, GM’s bankruptcy plan, (formulated by Treasury Secretary Geithner, the Auto Worker’s Unions, (UAW), and technically, GM’s management), that were submitted to the Chapter Court for approval, were the figuring out elements deciding whether GM can be compelled to liquidate, or allowed to file under Chapter 11 terms and emerge from the filings as a new firm – to continue enterprise.
Note that I’m not of the opinion that GM ought to have been …