We knew that when it happened.
"I will tell you that four years later, reasonable people can look back and debate the degree of sacrifice across stakeholder groups," said Greg Martin, a GM spokesman. "However, today, we have a business to run. Our focus is straight ahead on making GM great again — a company that contributes to the manufacturing base and economic vitality of this country and beyond.
Which country, China?
Moot point, screwing over the bond holders to pay off the UAW was enough to convince me that any support I give to the US auto industry will be limited to Ford from now on.
and America takes another one in the........
Romney should repeat this headline at every stop and in every press interview—the bad cronyism and bad economics of Obama have to go.
“The terms that creditors and other stakeholders received were approved by bankruptcy courts, and those decisions were affirmed by the nation’s appellate courts.”
What a joke, the whole bailout was strong armed through the courts by the Feds and threw black letter bankruptcy law out the window by subordinating senior creditors rights for the benefit of the politically connected UAW.
Taught me a valuable lesson though which is to NEVER buy the bonds of companies that have a large politically powerful union representing their employees. Or that may have some other large politically connected debt holders (JP Morgan/Chase, Goldman, etc). Because if they ever go bankrupt the government will make sure you’re screwed out of your just dues in favor of them.