Companies and assets don’t go *poof* in a bankruptcy. In fact, if any of you are even somewhat of a frequent airline flyer, over the last 10 years you likely flew an airline in bankruptcy. Companies operate all the time, sometimes for years, out of Chapter 11. In fact, that is what chapter 11 is all about — helping creditors get more value from a company by keeping it in operation (only in truly hopeless cases, like Solyndra, is liquidation a higher value outcome for creditors than continued operation).
As such, then, the Obama Administration did not “save” GM and Chrysler, it simply managed their bankruptcy to political ends, shifting the proceeds from those guaranteed them by the rule of law to cronies and political allies. In the process, they kept these companies on essentially the same path that led them to bankruptcy in the first place, only with a pile of taxpayer money to blow so they could hang around for a while.