The GM bondholders own $27 billion and they’re getting 10 percent of the common stock in an expected exchange. And the UAW owns $10 billion of the bonds and they’re getting 40 percent of the stock. Huh? Did I miss something here? And Uncle Sam will have a controlling share of the stock with something close to 50 percent ownership. And no bankruptcy judge. So this is a political restructuring run by the White House, not a rule-of-law bankruptcy-court reorganization.This means that each Union dollar was worth almost 11 times what a bondholder dollar was worth.
Why do I get the feeling that I'm soon going to have to apologize to my really wacky buddies on the right who thought Obama was a fascist all along? If this starts happening with the banks, I might be inclined to do so.
3 comments:
If I owned any of that stock, I'd be suing everybody in sight for theft, and malfeasance.
I might lose, but can you image the knife fight between the lawyers wanting to be in line for the class action settlement?
I'm soon going to have to apologize to my really wacky buddies on the right who thought Obama was a fascist all along? It wasn't difficult, all you had to do was listen to what he said, see what he'd done as a community organizer and look at who he associated with and I know what you mean by fascist in this context but overall fascist is much too weak a word for what he is.
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