GM's deal erased many average Americans' savings - Washington Times: "When people think of 'bondholders,' they imagine tycoons. J.P. Morgan. Warren Buffett. Even the fictional Gordon Gekko of 'Wall Street' fame.
In fact, tens of thousands of the bondholders of General Motors Corp. are not rich at all — and never were, even before the value of their bonds collapsed in the months leading up to the giant automaker's bankruptcy filing."
...It is trumped by the need to pay off the UAW for its millions in political pay-offs to Democrat pols. Sorry Mr and Mrs John Q Public, you have to give up your legal rights in the auto bankruptcies, forget about that retirement nest egg. But just think how great you'll feel when Chrysler and GM emerge from this mess as dynamic, thriving global enterprises!
Right.
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