Looks like the fight is over folks......

Thursday, June 18, 2009

General Motors' bankruptcy hammers individuals

Major financial institutions weren't the only ones to loan money to General Motors Corp. before the federal government stepped in. Mom and pop investors bought about 20 percent of the bonds sold by the automaker before it filed for bankruptcy.

"The major brokerage firms for a long time pushed GM paper. It was well-rated, and returns were high," said Frankola. "Two years ago, everybody was looking at yields. But two years ago, no one thought GM would be falling into bankruptcy now."

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