Distinguished Research Scholar and Senior Lecturer at the New York University School of Law
Position:
Not Clearly Pro or Con
to the question "Should the Big Three car manufacturers be bailed out by the US government?"
Reasoning:
"General Motors is a once-great company caught in a web of relationships designed for another era. It should not be fed while still caught, because that will leave it trapped until we get tired of feeding it. Then it will die. The only possibility of saving it is to take the risk of cutting it free. In other words, GM should be allowed to go bankrupt...
Federal law provides a way out of the web: reorganization under Chapter 11 of the bankruptcy code. If GM were told that no assistance would be available without a bankruptcy filing, all options would be put on the table...
As a last resort, we could at least consider a public DIP
[debtor-in-possession] loan to support a reorganizing GM with a good chance to survive -- as opposed to subsidizing a GM slowly deflating...
GM as it is cannot survive without long-term government life support. If it gets that support, it can't change enough and won't change fast enough. Contrary to Mr. Wagoner's brave declaration, bankruptcy is an option. In fact, it's the only option that merits public support and actually has a chance at succeeding."
"Why Bankruptcy Is the Best Option for GM," Wall Street Journal, Nov. 17, 2008
Experts
Individuals with JDs, PhDs, other relevant advanced degrees, CEO's of major car manufacturing companies, and government officials with significant involvement in, or related to, automotive, business, and bankruptcy issues. [Note: Experts definition varies by site]
Involvement and Affiliations:
Distinguished Research Scholar and Senior Lecturer, New York University (NYU) School of Law
Union Asbestos and Rubber Company (UNR) Asbestos-Disease Claims Trust, Trustee 1989-present, Chairman, 2005-present
Member, Board of Directors, Institut du Transport Aerien, (Paris, France), 1984-present
Named one of ten most influential commercial aviation pioneers, Airfinance Journal, 2002
Member, Board of Trustees, Reed College, 1984-2002
Recipient, Distinguished Transportation Researcher Lifetime Award, Transportation Research Forum, 2000
"Why Bankruptcy Is the Best Option for GM," Wall Street Journal, Nov. 17, 2008
"Why Airlines Were Not Reregulated: Regulation, the Market, and Interest Group Cohesion," Creating Competitive Markets: The Politics and Economics of Market Design, eds. Marc Landy, Martin Levin and Martin Shapiro, 2007
"Why Weren't the Airlines Reregulated?," Yale Journal on Regulation, July 21, 2006
"Price Discrimination without Market Power," Yale Journal on Regulation, Jan. 1, 2002
Cowritten with Jennifer L. Forrence, "Regulatory Capture, Public Interest, and the Public Agenda: Toward a Synthesis," Journal of Law, Economics and Organization, 1990
