Plan was just announced on CNBC. GM is going to pay bondholders 10 cents on the dollar and the taxpayers/government are going to pay around 40 cents. How is this not screwing over taxpayers?
Have to wonder how we're going to survive this. Perhaps the only ones to "win" will be those who get bailout money first, then leave the country.
Haven't read the details yet - is this for ALL of GM's debtholders, or senior debt only? And what happens to the common? By rights, if bondholders aren't made whole, the common should go to zero and there should be a capitalization "reorg" to give bondholders a chunk of equity. What a mess (and I'm saying this as someone who holds some pennies-on-the-dollar GM debt).
Geez, how long has Obama been in office? How in the hell are we going to survive nearly four more years? :eek:
This is idiotic beyond belief. Let GM go into bankruptcy, and the gov becomes the DIP loan. Then the government can restructure it as it sees fit. This making up shit as they go along is gonna collapse the market permanently.
Geez, how long did it take that moronic alcoholic bible bashing idiot to get you guys into this situation??? 8 years, right? you only have yourselves to blame, and not even God Almighty can dig you you out of this incredible situation.