According to contract law, bondholders should be first in line, whether they made a bad investment or not. Contract law was sacred until Obama over road with the DM and Chrysler deal.
They changed the rules and didn’t notify anybody first. That would be illegal for anyone else to do. The problem of this is that some brokers will diversify a portfolio with a percentage of “bundled” bonds and you don’t know what part of it you’re getting hosed on. Just re-distributing the losses.