Perrysburg Dodgeboy wrote:
:h WTF Spoon, are you saying Chrysler and GM were given free money and never paid their LOANS back at 13.7% interest?
Neither EVER will pay the loans they received back in full, ever... How about all the secured creditors that got f$%&^%?. Most Chrysler’s bonds were secured, a testament to Chrysler’s horrible struggles and the risk of lending to the company. In bankruptcy, the secured status of these bonds should have meant that the secured creditors would be paid in full before any money was allocated to subordinate creditors, such as the UAW’s VEBA plans. Instead, the plan imposed by the government forced Chrysler’s secured creditors to accept only 29 cents on the dollar, while the UAW recovered most of the value of its claims. And know, what is left of the original Chrysler sits on billions of debt that those creditors will never see.
