There’s an interesting article/blog over at Forbes
The author, John Tamny, writes that the United States government feared that jobs would disappear if they allowed the auto-makers and banks in the United States to go into bankruptcy. So the United States government stepped in with bailout packages.
Tamny then goes on to look at Saab and how they dispelled the myth that bankruptcy means that the jobs will disappear. Saab went into the Swedish equivalent of Chapter 11 bankruptcy and came out the other side at its “market clearing level”. He then goes on to outline bankruptcy as a positive, and companies come out of it with better management practices ready to succeed.
Saab’s story is a reminder that as opposed to something we should fear, bankruptcy often is what ensures the perpetuation of things we like. Saab survived bankruptcy and lived to tell the story, and it’s time we apply the lessons of Saab to other corporate entities living off of the money of others.
Feel free to pop over and read for yourselves.