Okay, it has been a while. I haven’t posted anything in a long time and mostly because things were already being said well enough already. One thing has not. The White House thief has stolen billions from retired folk by changing the rules.
Most of the garbage I see from the present administration is just the same garbage I would see from any liberal administration … granted, they are more so into taking money from one group and giving it to another, but generally just more of the same.
But now BO has distinguished himself by stealing from retired people, young people saving for their children’s college, stealing from just plain folk that trusted that the rules don’t change once the game is under way.
GM bond holders are not big corporate greed machines. There are some institutional holders (retirement funds and such) but a lot of individual investors also held GM “secured bonds”. What pray-tell are secured bonds? They are bonds that are to be paid first and foremost in the event of a bankruptcy. That is the way the law has always read, but that is not what this administration has allowed to happen. What is supposed to be the most secure investment (secured bonds) turned out to be a very bad risk, not because if GM were forced into a normal bankruptcy that the bonds would not have been paid, but because BO stank up the place.
People who relied on the security of the bonds are being shafted by the administration so they can “rescue” the union, take over the company, and do so with impunity. Stealing from retired people if you ask me. Those that invested in what used to be low risk, beware. Retired people, beware. BO changed the rules, and now what was low risk (secured bonds) is no longer low risk. It used to be that if the company went under, the assets would be sold, and the first debt paid would be secured bonds. So even if the company owed money to suppliers, the bond holders were secure as long as what was owned was more than their loans totaled. Now even secured bond holders are not much (if any) better off that stock holders.
The BO stinks in this. He is the one that put the full court press on getting this railroaded through. The nerve of him calling an 84-year-old retire man greedy for wanting to keep even the principle of the $20,000 he had invested in GM bonds. The BO stinks … he takes money from retired people to pay back the unions that gave him so much money during the election.
Let’s hope the country finally gets enough of this guy … let’s hope (and work) to make sure when the next election comes around to save the country from the likes of him.