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Diversified Financial Consultants founder Dominick Tavella on the government initially bailing out Ally Financial and now saying the bankruptcy of one...
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Positive -- -- out because it didn't want to go belly up about bad.
Bankruptcy was bad but now the sort of departments of -- get saying the residential capital Chapter Eleven filing will.
Puts taxpayers and a stronger position to continue recovering their investments in our financial.
I read this is that -- My next guest also said what's.
And captain with a few council says Dominique developed proceeded to that he's from diversified that Ontario consultants then that's pretty -- to.
You can't make this stuff up you know I mean look going to be looked at this picture of four years ago wasn't -- not know this company cannot go bankrupt.
It's not in the best interest of the economy in workers cannot go bankrupt and today one of its division residential capital their mortgage sub prime mortgage division.
Yet and it's a great idea go bankrupt gets -- by the way they rescues of the auto industry to its was never billed as a bankruptcy even though in the end it was.
A taxpayer financed bankruptcy.
So bankruptcies to be a bad word now it's an inviting word why the change of heart -- -- -- I don't if you so much a change of heart although I think it's a lot to do with a particular companies.
That would dealing with so white American Airlines OK you know American -- technical bank Ratko bypasses the court's 101000 jobs that's OK that's not a problem is that the company that might be clinically politically connected might have a lot of union -- not know what that allow you go bankrupt we're -- fund you.
Where's the where's the call here -- -- what companies so lives one company doesn't want company fights it -- in bankruptcy and investors bondholders get killed.
And other countries not to pay you but what if the mother ship is saying is for the sake of losing a couple of your children.
Look that's what's supposed to happen in bankruptcy court that's what supposed to happen when the government doesn't get involved and again American Airlines.
The union -- out the negotiator new contract yet players coming into mergers acquisitions the whole thing comes together comes at a bankruptcy are healthier stronger company.
When it public gets involved seventeen billion dollars of our money they pay back five so we're still in it for twelve billion dollars.
-- -- as well see that when -- back.
The government shouldn't be playing in this -- whenever well I mean under this plan I mean we might get pennies on the dollar.
On this bankrupt on the -- one division of ally it -- one division.
Did -- -- that's gone that's going to be gone to their shareholders the -- -- Tom thank you very much I think.
