Thursday, June 4, 2009
GM woes wipe out suburban couple
This retired couple stand to lose most of their retirement funds due to the GM Bankruptcy. They may recover a few cents on the dollar, while the lions share of the GM assets meant for GM Bondholder recover is divided up between the UAW, US Government and foreign Government (Canada), with the crumbs (10% + warrants for 15% more at long-short strike prices) given to bondholders. Watch the video.