Charlie,
Thanks for the qualified compliment... You could have pointed to the several State Teachers, Fire, and Police unions who lost up to 90% of their retirement funds during the administration controlled kangaroo bankruptcy of GM and Chrysler when they trashed 233 years of contract law by placing bond holders in these two automakers at the end of the line... but gave the lion's share to the UAW... after taking a 51% ownership...
"The biggest losers here are GM's bondholders. According the Treasury-GM debt-for-equity swap announced Monday, GM has $27.2 billion in unsecured bonds owned by the public. These are owned by mutual funds, pension funds, hedge funds and retail investors who bought them directly through their brokers. Under Monday's offer, they would exchange their $27.2 billion in bonds for 10% of the stock of the restructured GM. This could amount to less than five cents on the dollar.
The Treasury, which is owed $16.2 billion, would receive 50% of the stock and $8.1 billion in debt -- as much as 87 cents on the dollar. The union's retiree health-care benefit trust would receive half of the $20 billion it is owed in stock, giving it 40% ownership of GM, plus another $10 billion in cash over time. That's worth about 76 cents on the dollar, according to some estimates.
In a genuine Chapter 11 bankruptcy, these three groups of creditors would all be similarly situated -- because all three are, for the most part, unsecured creditors of GM. And yet according to the formula presented Monday, those with the largest claim -- the bondholders -- get the smallest piece of the restructured company by a huge margin." WSJ
Could such an egregious act be consider equitable, or did UAW members make off like bandits all because the UAW paid tens of millions more to the chosen one's election campaign than the other unions?
You decide...
Meanwhile... If you think the Government Motors CEO, the chosen one and the idiots in the politburo have your best interests at heart when they start cranking out "green" vehicles... and that GM will operate at a profit... Think again.
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The hidden truth is neither he nor the politburo really care about you and your well being... and they have no intention of paying back the taxpayers who will pay for our Government's take-over of GM... They only care about power and saying in office to spread their agenda...
If you'd bother to check National Highway Traffic Safety Administration's motor vehicle safety stats, you'll see that compact and subcompact cars have a significantly higher death rate/million miles driven at 160 to 270. That's far more than the death rates full-size autos and vans. The collapsible golf cart - coffin on wheels shown above could produce a death rate over 300/million miles driven if folks are foolish enough to drive them like a regular car...
But then look at the benefits to the government when the death rate from these "green" vehicles skyrockets. Reduced social security and medicare obligations and increased revenue from death tax... what a deal. I'll keep my full size Ford.
Take care... and BOHICA
V/R, Batch