gm announces it will default on debt 1 june, page-8

GM Is Becoming a Royal Debacle

opinion piece in the WSJ makes great reading, and I reckon sheds a bit of light on the thinking in the wider community in the US who is beginning to question the whole debacle including how these large companies, banks, the gov and the TARP is supposed to work (not).

http://online.wsj.com/article/SB124035637935940943.html

"It's good to be the king -- until you start tripping over your own robe.

So King Barack the Mild is finding as he tries to dictate the terms of what amounts to an out-of-court bankruptcy for Chrysler and GM..."