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Author: NemesisToLibs Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1966774  
Subject: Re: Should we have let the banks fail in 2008? Date: 3/23/2013 5:38 PM
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"Different scenario. First, GM and Chrysler did go bankrupt. Shareholders were wiped out. And bond holders did, famously, take a haircut when they were persuaded/forced by the government to swap debt for equity in the reorganized companies.
"

Nope. They were bailed out by Obama and Bush for a combined 65 billion of tax payers' money. Without this bailout, GM would have had to restructure by selling parts of its business.

The creditors were rolled over by Obama. Obama forced this so-called bankruptcy with the outcome to his liking as the unions got a sweet heart deal.


This is NOTHING more than crony-capitalism. And I thought maybe you were too, guess not.
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