What is going on in this country? The government is about to take over GM in a plan that completely screws private bondholders and favors the unions.
Get this: 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?
[Does anyone think the government's take over of the car companies has anything to do with business? It's all for the unions. And what of Ford? Is it now to compete with companies owned by the government and which therefore pay no taxes? Some 'reward' for trying not to need government help.]
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[US government takes over Harley Davidson]
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