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Delphi files for bankruptcy

SAN FRANCISCO (MarketWatch) - Auto parts titan Delphi Corp., after months rife with speculation and volatile stock swings, filed for bankruptcy on Saturday, a move set to ripple throughout the entire auto industry.

Delphi used to be part off GM and it was spun off in 1998. When empire builders start to do spinoffs you have to ask yourself why. To get rid of overpaid workers, underfunded pension plans and other bad news. I suppose the expectation is that the spinoff will sink or swim but, in any case, it will no longer weigh on the parent. GM could spin itself into a purely financial company, I suppose.

Denny Schlesinger
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