Most people may agree that it's fair enough to get tough with Detroit when negotiating but again, why continue picking on Detroit and leaving Wall Street with such cushy terms? The joke of all jokes are the new reports trickling out about the bank stress tests (shhh! don't tell anyone!) where everyone is OK. If the banks are all OK and everyone passes as they have suggested, it's going to set off a new round of Treasury bashing because it's painfully clear that some are in especially bad shape.
But back to our 98 pound weakling.
The U.S. government is pushing for tougher concessions from the creditors of General Motors Corp. and Chrysler LLC, according to a published report, as the troubled automakers face looming deadlines to restructure or seek bankruptcy protection.
The Treasury Department wants GM to offer its bondholders a small amount of its stock in exchange for their $29 billion of GM debt, The Wall Street Journal reported Friday, citing unnamed people familiar with the matter.
