Didn't he pretty much say "let them go bankrupt" instead of wasting money on a bailout? But people said you absolutely cannot let them go bankrupt. And then they got bailed out and went bankrupt anyway.
Had the June quasi-bankruptcy never occured, the bailout would have completely failed and GM would have been reduced to a zombie corporation kept alive by taxpayers dollars until finally being liquidated when politics forced them to turn off the money spiget.
When Romney wrote that article in November 2008, he was right. The "executives" bailout requested by the GM management (and rejected in Romney's, "Let Detroit Go Bankrupt") was a sure first step on the road to eventual liquidation, far more then what Romney called for.
In a sense the "bailout" failed by design. Bankruptcy restructuring is what saved GM. Romney's arguement should be that the process of restructuring should have began six months earlier. Which is exactly what he called for in November 2008.
