Harvey Golub, the former chairman of American International Group Inc., said President Barack Obama “violated every bankruptcy principle known to man” in the rescue of General Motors Co. and Chrysler Group LLC.
“One of the major elements of a bankruptcy is that debtors similarly situated get treated the same,” Golub told Bloomberg Television’s Betty Liu on the “In the Loop” program Wednesday.
“They changed the rules and bailed out the unions, not the companies. Those companies would have survived, they had good brands, some of them had good products, and those products would have been manufactured by someone else.”
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