In a free society, no non-participant to transactions and investments would be able to interfere with private contract. Private arbiters would be utilized, and companies that were in financial trouble would not be so easily "forgiven" of their debt by artificial government rules. Basically, bankruptcy laws alow debtors to defraud those who are owed money.

In the case of Chrysler, the federal government has "promised" to cover car owners for their repair policies -- huh? And the Obamer Administration attempted to give billions of Dollars to hedge fund houses if they would agree to buy Chrysler bonds. The hedge fund experts (you know, the ones the government wants to REGULATE, because, say people like Timmy Geithner and Barney Frank, the hedge fund guys are sooo reckless!), yeah, the EVIL hedge fund cats said, "NO THANKS"!

Here's a pop news story on it, y'all:

http://online.wsj.com/article/SB124109550079373043.html

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