The Government Says It Will Walk Out On GM If Deadlines Aren’t Met

This certainly has to qualify as the most obvious empty threat of the year — at least so far this year.

From Fox, auto task force member, Harry Wilson, testifying in the GM bankruptcy hearing that the government does have a drop dead date for concluding the sale of GM to “New GM”.

“We cannot make an open-ended commitment,” Wilson said in court of the looming deadline. “At one point, it’s better to cut one’s losses… We have no intention to further fund this company if the sale order is not entered by July 10.”

Further straining his credibility was this prediction:

A newly-formed General Motors entity could make an initial public offering in 2010 according to testimony from auto task force member Harry Wilson in U.S. bankruptcy court on Wednesday.

I wonder if the administration has told the UAW it may walk on the deal?

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