Lets not forget we all being robbed in the name of environmentalism! We have more than enought gas in the USA we are just not allowed to drill for it. And don't forget coal, we have the largest coal reserves in the world. Natural gas too. If we were serious about being energy efficient we would switch to running natural gas in our cars.
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Goverment motors and gas tax!!!!OUCH
- Thread starter Firecatguy
- Start date
Sorry, gotta call BS on that one. The bondholders could not have been expected to forsee that the administration would throw 200 years of bankruptcy law out the window, tell the creditors that they better accept his deal or else, because the assets of the company are going to be given to his political supporters. It was an act of gangster government at its worst, and an act that will negatively impact the capital markets for years to come.
The creditors would have fared fair better in a liquidation or in a legitimate auction than in the "deal" they were forced into.
Good point, I'll give you that one. I guess my issue was that GM was fundamentally mismanaged, and if bondholders bought into a high fixed cost business with a market share that had fallen from 41.4% to 19.5% in 2009 they had to assume the risk of an unsustainable business. But, to your point, the rules got changed which redefined the risk.
Good point, I'll give you that one. I guess my issue was that GM was fundamentally mismanaged, and if bondholders bought into a high fixed cost business with a market share that had fallen from 41.4% to 19.5% in 2009 they had to assume the risk of an unsustainable business. But, to your point, the rules got changed which redefined the risk.
Agree. If a bondholders thought he was going to get 100 cents on the dollar or anywhere close to that from after the bankruptcy, he is either lying or stupid.
rocketman356
New member
Gangster Government at work is right.Steal the secured debt (bond holders) and give it to the UAW.Gotta luv it.Gotta be one of the most unconstitutional acts this Administration of fools has done.Good point, I'll give you that one. I guess my issue was that GM was fundamentally mismanaged, and if bondholders bought into a high fixed cost business with a market share that had fallen from 41.4% to 19.5% in 2009 they had to assume the risk of an unsustainable business. But, to your point, the rules got changed which redefined the risk.