GM made over $6B in profits and is real proud and giving bonuses. They took $18B and made their stockholders eat their losses and now aren’t giving anything back.
I love bailout politics. Wall Street did the same thing and was heralded as captains of capitalism. What a counry!
Who couldn’t make a profit with billions of interest free money of which you only pay back a fraction?
Why do I think that a TRUE accounting would cause that “record profit” to disappear like a puff of smoke and probably be replaced by a huge loss?
I think they should be made to repay the bondholders who, for the most part, were individuals putting their faith in the bankruptcy system for repayment. Forcing bondholders to transfer equity to the unions was a double edged sword, reducing both principal and income. For many elderly investors, both direct and through equity funds, this has severely impacted their retirement and way of life.