Today President Obama stood on the world stage and demanded that suspected terrorists be treated under the “rule of law.” In fact, he used the phrase “rule of law” eight times. It is now time for him to use the phrase “rule of law” when it comes to Americans. In the next two weeks, the President will likely endorse a series of measures in his role as CEO of the car companies that may violate a number of U.S. contract laws, bankruptcy laws and financial rules and regulations. The United States …
As the State of Indiana announces it will no longer invest in bonds issued by banks and automakers who receive federal bailout money, and waits for a court ruling on whether the the U.S. government acted legally in the Chrysler bankruptcy, we thought we would bring you another installment of Meet GM’s Bondholders. Today: Jim Graves. I have worked for General Motors and Ford Motor Company and currently am an independent software developer. I am [speaking out] on behalf of my mother, an 80-year-old retired GM employee and small bondholder. …
Throughout the next two weeks, the Foundry will be highlighting some testimonials of General Motors bondholders. When President Obama describes bondholders, you get the distinct impression of pinstripe-suit-wearing bankers with scotch in one hand and cigars in the other. However, that is far from the case. In fact, GM bondholders are retirees, parents, civic organizations, even union workers. But since the main aim of the Obama Administration is to pay as much taxpayer money to Big Labor Unions as possible, they neeed to create a bad impression of bondholders. Meet …
