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William Ackman, who runs the $6 billion hedge fund firm Pershing Square, says instead of receiving a government loan, General Motors should go into bankruptcy where debt holders could take over the company, with current shareholders losing everything.
"What you need to do is reduce the amount of debt at General Motors to a level that the company can support, and the debt holders, in exchange for giving up their debt claim, will end up owning the business," he said on the Charlie Rose show on Wednesday.
He opposes lending taxpayer money to "an insolvent company so they can pay interest to the people who lent them money five years ago. Right? That's not a solution to the problem."
General Motors (NYSE: GM), and rivals Ford (NYSE:F), and privately held Chrysler, have been meeting with top congressional politicians to secure additional help in the form of loans from the federal government.
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