On this day when GM returns to public markets — a day which fortunately for The Treasury appears to be a “risk on” day — you’ll hear some squawking about how unfair it is that the company was stripped clean of debt, while Ford still has its big legacy overhang. And there’s something to that, but remember, Ford was bailed out, too.It never got a direct cash injection or a pre-packaged bankruptcy, but the bailout of GM and Chrysler prevented a cascade of follow-on bankruptcies of suppliers, many of which supply Ford.
Remember, too, that Ford CEO Alan Mulally was right there in front of Congress supporting a bailout for “the industry.” That they didn’t take the cash, directly, but they got a bailout.
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