I don't.
There could have been other ways to handle helping out GM and Chrysler. Shafting bondholders and just handing the companies over to the UAW and Fiat didn't have to happen. One way could have been the Chapter 11 process. Another way could have been through guaranteed loans (which is what TARP more or less amounted to being in the end). Or some other way.

But just having the government step in and destroy contract law? That's not cool.

Mullaly, as much as I admire him as an exec (I thought he did a decent job as leader of Boeing Commercial Aircraft) has an incentive here: if Ford gets into trouble, then of course he'd like the option of a bailout.