Originally posted by normbenign
Others have to pay for the excesses of both management and labor. The overpaid executives and overpaid labor walk away with everything mostly intact.
Investors are screwed.
Never in my life have i heard someone yammer on about entitlement so stupidly. Jebus buddy.
You act like "investors" are entitled to something. You make an investment, it's a RISK. plain and simple. NO guarantee you will ever get your money back.
The only one's who may have a case are the BOND HOLDERS. But these aren't investors. They buy company debt hoping that the company survives long enough to pay back the debt. But that itself is also a risk, a gamble. Should the company go into bankruptcy, the bond holders were gambling that a bankruptcy judge would GIVE them money from the liquidation.
I have no sympathy for anyone that lost money on GM. The writing has been on the wall for the last 3 years. People could have reduced their risk long ago.
As for "over paid" labour walking away with everything mostly intact, I ask you WTF are you smoking? The UAW has given up a tonne of cut backs and suffered massive massive job cuts.
Most smart people understand WHY the government did this. It's the spin off jobs that are tied to the auto industry. Even smarter people question though whether the government can stem the tide completely and stop the auto industry from moving to asia. It seems inevitable. The long term trend here, as with everything, is the manufacturing base moving to asia. Look at the rise of Hyundai, Suzuki, Kia, Mazda, Toyota, Honda. This is the real reason the big 3 are failing. Market share erosion...plain and simple.