Not working out so well for the GM bondholders. Centuries of law were thrown out the window so Obama could give lots of money to the Unions.
That’s true but this will affect a lot more people (including many people who voted for Zero).
Wonderful point that is lost on many!
If I might add, how the current desire to get their hands on our wealth will work, they will get this the same way they did with the AMT (alternative minimum tax). When that became law it only affected a handful of people who weren't "paying their fair share". Now it affects millions mostly due to inflation.
I fear we have passed the point in this country where a principal such as the inviolate nature of property rights (my wealth is mine) is non existent and property (bonds in your initial example are secured by assets, ie., property) ownership is subject to the whim of the mob. I don't see this trend changing our schools, media and govt all promote collectivism. By the time people finally figure out that all this confiscation of wealth affects them as well as their neighbor it will be too late.