Romney was born in Detroit, the son of an auto chief executive. In 1954, his dad, George Romney, was tapped to run American Motors when the president suddenly died. The company itself was on life support — banks were threatening to deal it a death blow. The stock collapsed. His dad turned the company around. From the lessons of that turnaround Romney offers solutions and you can read his entire Op-Ed contribution here www.nytimes.com/2008/11/19/opinion/19rom
"The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk."
The only reason the Democrats want to bail out the automakers anyway is to save the auto unions who, with declining national enrollment, can hardly afford to lose labor contracts with Detroit’s big three. Representative Barney Frank has made it very clear that bankruptcy would cripple the unions, which is not acceptable to his party.