I work in finance too and see a lot of tough situations with bridge financing and companies on the precipice. I couldn't agree with Fred Wilson's thoughts on the auto industry more. Read the whole post, please.
"It's one thing to be pro-union (I am at times) but it's another thing completely to be using taxpayer money to protect an unsustainable cost structure that is partially based on above market labor costs. I really don't know why it takes a year to negotiate a union contract, but if they want to auto industry to survive, the union leaders ought to be prepared to rip up their current contract and negotiate a new one over the weekend. That's how things are done when you are on the verge of going out of business and losing $4.4bn per month."
