Quote Of The Day: I Gave At The Office Edition

The only one more illiterate than Hummer Susan is Aztek Mark Reuss. He talks like a a 11th grader in a remedial English class. He must have partied a lot at Vanderbilt, as most rich kids who go there to spend daddy's money are known to do.

GM's bondholders were not secured, and were well back in the line behind GM's (many) other creditors. Ergo, were it not for the government's assisted suicide of Old GM, those bondholders would have gotten table scraps. Pre-bankruptcy, GM was functionally worth nothing, and what assets it had would have gone to lien holders. The bond-holders would have ended up with GM's cash. Guess how much actual cash GM had? Hint: you'll have trouble using numbers above zero. In theory, yes, the Obama administration did provide a structure to GM's bankruptcy which is a little different than letting GM twist in the wind. Without that structure, financing and guarantees of equity, those poor, bedraggled bondholders would have gotten nothing. So no, they didn't "get screwed". If they think that, they are were clinging to a false assumption about what their bonds were worth, or being deliberately disingenuous for the sake of the own, undeserved, gain. Recall that those bonds were rated Junk for years prior. The bondholders "getting screwed" was little more than PR stunt to try to wring blood from a stone. Unfortunately, the "poor little old lady" bondholder, supposedly screwed by Big Bad Barack Obama makes a really good image for the Right to cling to. But just as Reagan's "Welfare Cadillac" or Hillary Clinton's "Running under Fire" was, it's pure, heartstring-tugging fiction.