Monday, June 8, 2009
Shafting the bondholders -- even China gets it
From the China Economic Net...
"General Motors bondholders have to accept a parsimonious offer to exchange their loans for stock and warrants. But there is no escaping the long-term damage that has been inflicted on credit markets by the Barack Obama administration's attempts to reward the United Auto Workers, one of the US president's strongest supporters in the last election, while trampling decades of legal precedent regarding owners of corporate debt."
See the entire article at:
The world understand what the Obama administration is typing to do even if those in the US are turning a blind eye to the situation.